On July $1,2025,$ Waterway Inc. made two sales.

It sold land having a fair value of $$913,050$ in exchange for a $4-$year zero$-$interest$-$bearing promissory note in the face amount of $$1,436,698.$ The land is carried on Waterway's books at a cost of $$592,800.$

It rendered services in exchange for a $3\%,8-$year promissory note having a face value of $$407,700($interest payable annually$).$

Waterway 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.

Record the two journal entries that should be recorded by Waterway Inc. for the sales transactions above that took place on July $1,2025.($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answers to $0$ 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. List all debit entries before credit entries.$)$