7. Equestrain Roads performed services for Garfield Company and a $100,000,12%, 1-year note receivable in exchange. Assuming 12% approximates the market rate of return, what would be the debit in this journal entry to record the sale? a) Debit Notes Receivable for $100,000 b) No journal entry until cash is collected. c) Debit Notes Receivable for $120,000. d) Debit Notes Receivable for $80,000 8. On July 1, 2021, Equestrain Roads rendered service in exchange of $400,000,3%,8 year note in exchange. Assuming 12% approximates the market rate of return, how much is the present value of the notes on July 1,2021 ? a) $400,00040388+$12,0004,96764 b) $400,0004.96764+$12,000.40388 c) $400,0004,96764+$48,000.40388 d) $400,000.40388+$48,0004.96764