On January $1,2022,$ Concord AG makes the following two acquisitions: Purchases land with a fair value of $310,000$ by issuing a $4-$year, zero$-$interest$-$bearing promissory note with a face value of $470,602.$ Purchases equipment by issuing a $6\%,9-$year promissory note with a maturity value of $340,000($interest payable annually$).$ The company has to pay $11\%$ interest for funds from its bank. Requirements: $($a$)$ Record the journal entries for Concord AG$$s two purchases on January $1,2022.($b$)$ Record the interest at the end of the first year on both notes. Additional Instructions: Round present value factor calculations to $5$ decimal places $($e$.$g$.,1\mathrm{.}25124).$ Round 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 the amount is entered. Do not indent manually.