Could you please also show how to do #2 on the financial calculator as well? Thank you!

View Policies Current Attempt in Progress On January 1, 2017, Novak Company makes the two following acquisitions. 1. 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. Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $380,000 (interest payable annually on January 1). 2. The company has to pay 11% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Novak Company for the two purchases on January 1, 2017 Record the interest at the end of the first year on both notes using the effective-interest method. (b) (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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ccount Titles and Explanation Debit Credit Land 250000 Discount on Notes Payable 171265 Notes Payable 421265 Equipment Discount on Notes Payable Notes Payable 380000 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit