Please advise on the red boxes.

Exercise 14-16 Your answer is partially correct. Try again. On January 1, 2017, Culver Company makes the two following acquisitions. 1. 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. 2. Purchases equipment by issuing a 696, 9-year promissory note having a maturity value of $380,000 (interest payable annually on January 1). The company has to pay 10% interest for funds from its bank. (a) Record the two journal entries that should be recorded by Culver 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 (Round present value factor calculations to 5 decimal places, e.g. 1.25 124 and the final answer to 0 decimal places eg. 58,971"no entry s equired, 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.)