1) Company A acquired land having a fair value of $700,000 with a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. 2) It also acquired some merchandise with a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually). The company in these two transactions has credit ratings that require it to borrow money at 12% interest. Required: Record the two journal entries for this company for above transactions that took place on July 1, 2017