On July $1,2023,$ Tamarisk Inc. made two sales:

$1.$ It sold excess land in exchange for a four$-$year, non$$interest$-$bearing promissory note in the

face amount of $$1,244,650.$ The land$$s carrying value is $$610,000.$

$2.$ It rendered services in exchange for an eight$-$year promissory note having a face value of

$$460,000.$ Interest at a rate of $4\%$ is payable annually.

The customers in the above transactions have credit ratings that require them to borrow money at

$12\%$ interest.

Tamarisk recently had to pay $8\%$ interest for money it borrowed from British Bank.

$3.$ On July $1,2023,$ Tamarisk also agreed to accept an installment note from one of its

customers in partial settlement of accounts receivable that were overdue. The note calls

for four equal payments of $$20,700,$ including the principal and interest due, on the

anniversary of the note. The implied interest rate on this note is $10\%.$

The tables in this problem are to be used as a reference for this problem.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

Prepare the journal entries to record the three notes receivable transactions of Tamarisk on

July $1,2023.$