The accrual of interest at Sarasota's year end, December 31, 2024 and 2025, assuming adjusting entries are recorded annually and interest is due January 1 each year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entries before credit entries. If no entry is required, select "No Entry' for the occount titles and enter O for the amounts.) On July 1, 2024, Sarasota Limited received an 18 -month loan for $437,000 from a bank at 6% and with these funds and another $95,000 cash, purchased land for $532,000. Prepare the journal entries to record each of the following on Sarasota's books: \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline \multirow[t]{3}{*}{\begin{tabular}{r} July 1 , \\ 2024 \end{tabular}} & Land & 532000 & \\ \hline & Cash & & 95000 \\ \hline & Bank Loan Payable & & 437000 \\ \hline \end{tabular}