(Note Transactions at Unrealistic Interest Rates) On July 1, 2017, Agincourt Inc. made two sales. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460. The land is carried on Agincourts books at a cost of $590,000. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually). Agincourt 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. Instructions 1. Record the two journal entries that should be recorded by Agincourt Inc. for the sales transactions above that took place on July 1, 2017.

2. Prepare amoritization schedules, & make all entires for the life of the notes

Need help with all of number 2