Syzslak Incorporated entered two transactions, as follows:
1. March 1, purchased equipment paying $20,000 at the date of purchase and signing a noninterest-bearing note requiring the balance to be paid in four annual installments of $25,000 on the anniversary date of the contract. Based on Syzslak's 12% borrowing rate for such transactions, the implicit interest cost is $24,066.
2. April 14, purchased a tract of land in exchange for $12,000 cash that was paid immediately and signed a noninterest-bearing note requiring five $10,000 annual payments. The first annual payment of the note is due in one year. The fair value of the land is $48,000.
Required: Prepare the journal entries for these transactions.
DATE	ACCOUNTS	Debit	Credit