Teslla Corporation purchased land by signing a note with the seller requiring $8,000 immediately and $22,400 three years from purchase. The note is noninterest-bearing, but the interest rate for similar land purchases with notes is 8%.

Note: Round your final answers to the nearest whole dollar.

a. Compute the value recorded in the Land account.
b. Compute the interest Teslla records for the first year of the note.