On july 1, 2010, Rentoul made 2 sales 1. sold land having fair market value of 900,000 in exchange for 4yr zero interest bearing promissory note in the face amount of 1,416,163. Cost of 590,000 on Rentoul's book 2. Rendered services in exchange for 3%, 8year promissory note with face value 400,000. Rentoul had to pay 8% interest for money it borrowed from British National Bank. The customers in these 2 transactions borrow at 12% interst. QUESTION: Record 2 journal entries for Rentoul for transactions above