125% T Do Collaborate View Zoom Add Page Insert Table Chart Text Shape Media Comment Format Document Text On January 1, 2017, Ayayai Company makes the two following acquisitions. Default* Update Style Layout More Font Verdana Regular 12 pt B U s Character Styles None 1 Purchases land having a fair value of $320,000 by issuing a 4-year, zero- interest-bearing promissory note in the face amount of $485,782. Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $360,000 (interest payable annually on January 1). Text Color The company has to pay 11% interest for funds from its bank. E Record the two journal entries that should be recorded by Ayayai Company for the two purchases on January 1, 2017. Spacing 1.0 - Single Record the interest at the end of the first year on both notes using the effective-interest method. Bullets & Lists None No Bullets Indent: (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to o 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.) O in Bullet O in Text Drop Cap A= 633 words