On January $1,2025,$ Ivanhoe Company makes the two following acquisitions.

Purchases land having a fair value of $$160,000\mathrm{.}00$ by issuing a $5-$year, zero$-$interest$-$bearing promissory note in the face amount of $$257,681\mathrm{.}60.$

Purchases equipment by issuing a $7\%,8-$year promissory note having a maturity value of $$230,000\mathrm{.}00($interest payable annually$).$

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

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$($a$)$ Record the two journal entries that should be recorded by Ivanhoe Company for the two purchases on January $1,2025.$

$($b$)$ Record the interest at the end of the first year on both notes using the effective$-$interest method. credit entries.$)$

$\backslash$table$[[$No$.,$ Date,Account Titles and Explanation,Debit$],[($a$)1.,,],[2,,]]$