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1. It sold land having a fair value of $915,830 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,441,072. The

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1. It sold land having a fair value of $915,830 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,441,072. The land is carried on Swifty's books at a cost of $597,600. 2. It rendered services in exchange for a 3%,8-year promissory note having a face value of $402,550 (interest payable annually). Swifty 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 Swifty inc, for the sales transactions above that took place on July 1,202.5. (Round present value factor calculations to 5 decimal places, es. 1.25124 and final answers to 0 decimal places, eg. 5,275 . If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit occount titles are automatically indented when the amount Is entered, Do not indent manually. List all debit entries before credit entries.)

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