On July 1, 2014, Agincourt Inc. made two sales.

It sold land having a fair value of $918,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,393,591. The land is carried on Agincourts books at a cost of $600,100.
2.		It rendered services in exchange for a 5%, 8-year promissory note having a face value of $404,300 (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 11% interest. Record the two journal entries that should be recorded by Agincourt Inc. for the sales transactions above that took place on July 1, 2014.