rent Attempt in Progress Your answer is partially correct. On January 1, 2025, Crane Company makes the two following acquisitions. 1. Purchases land having a fair value of $310,000.00 by issuing a 4-year, zero-interest-bearing promissory note in the face amount of $470,602. 2 . Purchases equipment by issuing a 6%, 9-year promissory note having a maturity value of $340,000.00 (interest payable annually). The company has to pay 11% interest for funds from its bank. Click here to view factor tables. (a) Record the two journal entries that should be recorded by Crane 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. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 2 decimal places, e.g. 58, 971.25. If no entry required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amoun is entered. Do not indent manually. List all debit entries before credit entries.) MacBook Air 20 G DII DD F2 3 E4 F5 F6 F7 F8 F9 F 10 & W # O A 5 6 7 8 9 E R T Y U 0 P F K L O G H C12.12 / 15 Discount on Notes Payable 160602 Notes Payable 471 Equipment 332681.2 Discount on Notes Payable 127319 Notes Payable 34( 125 Interest Expense 34100 Discount on Notes Payable 025 Interest Expense 36595 Notes Payable Discount on Notes Payable MacBook Air DD 80 G DII F1 F7 F8 F9 F10 5 F3 4 F6 * > 1 80 O A 5 8 9 O P E R Y U