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

Purchases land having a fair value of $330,000$ by issuing a $4-$year, zero$-$interest$-$bearing promissory note in the face amount of $483,153.$

Purchases equipment by issuing a $6\%,9-$year promissory note having a maturity value of $380,000($interest payable annually$).$

The company has to pay $10\%$ interest for funds from its bank.

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

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