n July 1, 2014, Agincourt Inc rendered services in exchange for a 3%, 6-year promissory note having a face value of $405,600 (interest payable annually). Agincourt Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customer in this transaction has credit rating that requires them to borrow money at 11% interest. Record the journal entry that should be recorded by Agincourt Inc. for the sales transaction above that took place on July 1, 2014. Journal entry should include debit to AR, credits to Service Revenue and Discount on Notes receivable.