Presented below are two independent situations: (a) On January 1, 2020, Sweet Inc. purchased land that had an assessed value of $ 349,000 at the time of purchase. A $ 571,000, zero- interest-bearing note due January 1, 2023, was given in exchange. There was no established exchange price for the land, nor a ready fair value for the note. The interest rate charged on a note of this type is 12%. Determine at what amount the land should be recorded at January 1, 2020, and the interest expense to be reported in 2020 related to this transaction. (Round answers to O decimal places, e.g. 38,548.) Land to be recorded at January 1, 2020 $ Interest expense to be reported $