On July 1, 2017, Blue Inc. made two sales.

1.		It sold land having a fair value of $910,080 in exchange for a 3-year zero-interest-bearing promissory note in the face amount of $1,244,656. The land is carried on Blue books at a cost of $591,300.
2.		It rendered services in exchange for a 4%, 6-year promissory note having a face value of $402,980 (interest payable annually).

Blue 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 Blue Inc. for the sales transactions above that took place on July 1, 2017