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On January 1,2025, Blossom Company makes the two following acquisitions. Purchases land having...

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Accounting

On January 1,2025, Blossom Company makes the two following acquisitions.
Purchases land having a fair value of $150,000.00 by issuing a 5-year, zero-interest-bearing promissory note in the face amount of $252,758.70.
Purchases equipment by issuing a 6%,9-year promissory note havine a maturity value of $180,000.00(interest payable annually).
The company has to pay 118 interest for funds from its bank.
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Record the two journal entries that should be recorded by Blossom Company for the two purchases on January 1.2025.
Record the interest at the end of the first vearon both notes using the effectye finterest thethod: required select "No Entry" for the account bidies ond enter o for the amounts Gredit account aites are autanaticaly inclented when the arnount is entered Do not indent mancually: List all debit entries hefore aredt equhtest
No.
(a)
1.
2.
16
2.
Date
Account Titles and Explanation
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