On January $1,2022,$ Coronado AG makes the two following acquisitions.

$1.$ Purchases land having a fair value of $\backslash (260,000\backslash )$ by issuing a $5-$year, zero$-$interest$-$bearing promissory note in the face amount of $\backslash (458,209\backslash ).$

$2.$ Purchases equipment by issuing a $6\backslash \%,9-$year promissory note having a maturity value of $\backslash (410,000\backslash )($interest payable annually$).$

The company has to pay $\backslash (12\backslash \%\backslash )$ interest for funds from its bank.

$($a$)$ Record the two journal entries that should be recorded by Coronado AG for the two purchases on January $1,2022.$

$($b$)$ Record the interest at the end of the first year on both notes.

$($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ 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.$)$

No$.$

$($a$)$ January $1,$

$1.2022$