View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. On January 1, 2022, Ayayai AG makes the two following acquisitions. 1. Purchases land having a fair value of 280,000 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of 471,816 2. Purchases equipment by issuing a 6% 8-year promissory note having a maturity value of 460,000 (interest payable annually). The company has to pay 11% interest for funds from its bank (a) Record the two journal entries that should be recorded by Ayayal 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 decimal places, eg, 1.25124 and the final answer to decimal places e.8. 58,971. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) 0. Date Account Titles and Explanation Debit ) January 1 2022 Credit Land 471.816