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Homework 5 Question 5 of 13 < Current Attempt in Progress On July 1, 2022, Sweet plc made two sales. 1. 2. -/1 E
Homework 5 Question 5 of 13 < Current Attempt in Progress On July 1, 2022, Sweet plc made two sales. 1. 2. -/1 E It sold land having a fair value of 908,350 in exchange for a 4-year, zero-interest-bearing promissory note in the face amount of 1,429,302. The land is carried on Sweet's books at a cost of 593,500. It rendered services in exchange for a 3%, 8-year promissory note having a face value of 403,990 (interest payable annually). Sweet 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 Sweet plc for the sales transactions above that took place on July 1, 2022 (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit
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