Question 4 of 5 > -75 III View Policies Current Attempt in Progress On January 1, 2020, Wlossom Company makes the two following acquisitions. 1 Purchases and having a fair value of $360,000 by issuing a 5-year, zero interest-bearing promissory note in the tice amount of 5606621 Purchase equipment by issuing a 78 year promissory note having a maturity value of $500,000 interest payable annually! 2 The company has to pay 11% Interest for funds from its bank (a) Record the two journal entries that should be recorded by Blossom Company for the two purchases on January 1, 2020 (b) Record the interest at the end of the first year on both notes using the effective interest method (Round present value factor calculations to 5 decimal places, es, 1.25124 and the final answer to decimal places es 58.971. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit No. Date Account Titles and Explanation 360000 (a) 1. January 1 2020 Land 26621 Discount on Notes Payable -/5 No. Date Account Titles and Explanation Debit Credit (a) January 1. 1. 2020 Land 360000 Discount on Notes Payable 246621 Notes Payable 606621 2 January 1 2020 Equipment Discount on Notes Payable Notes Payable 560000 (b) 1. December 31, 2020 I 2. December 31, 2020