Excel

E14-16 (LO3) (Entries for Zero-Interest-Bearing Notes) On January 1, 2017, Ellen Carter Company makes the two following acquisitions 1. Purchases land having a fair value of $200,000by isuing a S-year, zero-interest-bearing promissory note in the face amount of $337,012 r promissc annually). The company has to pay 1% interest for funds from, its bank. Instructions (Round answers to the nearest cent.) (a) Record the two journal entries that should be recorded by Ellen Carter Company for the two purchases on January 1,2017 b) Record the interest at the end of the first year on both notes using the effective-interest method