On July 1, 2014, Agincourt Inc. made two sales.
|1.||It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The land is carried on AgincourtAc€?cs books at a cost of $590,000.|
|2.||It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually).|
Agincourt Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in these two transactions have credit ratings that require them to borrow money at 12% interest.
Record the two journal entries that should be recorded by Agincourt Inc. for the sales transactions above that took place on July 1, 2014.
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