"journal form for Sanford SA. Unrealistic Interest Rates) On July 1, 2019, Rentoul ple made Instructions Prepare all necessary entries in general journal form o E7.13 (L04) Notes Transactions at Unrealistic Inte Two sales. 1. It sold land having a fair value of 900,000 in exchange for issory note in the face amount of 1,410, 590,000. 2. It rendered services in exchange for a 3,0 (interest payable annually). * 900,000 in exchange for a 4-year, zero-interest-bearing prom- amount of 1,416,163. The land is carried on Rentoul's books at a cost of exchange for a 3%, 8-year promissory note having a face value of 400,000 The customers in these two transactions have crear interest. cently had to pay 8% interest for money that it borrowed from British National Bank. mese fwo transactions have credit ratings that require them to borrow money at 12% Instructions Record the two journal entries that should be recorded by Rentoul ple for the sales transactions above that took place on July 1, 2019