why is the cash account wrong

On January 1, 2020, Cheyenne Company makes the two following acquisitions. Purchases land having a fair value of $250,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $421,265. 1. | 2. Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $380,000 (interest payable annually). The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Cheyenne 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, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit No. Date Debit (a) 1. January 1, 2020 Land 250,000 Discount on Notes Payable 171265 Notes Payable 421,265 2. January 1, 2020 Equipment 274794 Discount on Notes Payable 105206 Notes Payable 380,000 (b) 1. Interest Expense December 31, 2020 27500 Discount on Notes Payable 27500 December 31, 2020 Interest Expense 30227 Discount on Notes Payable 7427 Cash 22800 2