On July 1, 2017, Monty Inc. made two sales. 1. It sold land having a fair value of $906,700 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,376,436. The land is carried on Monty's books at a cost of $593,200 2. It rendered services in exchange for a 496, 8-year promissory note having a face value of $401,380 (interest payable annually). Monty nc. recently had to pay 9% interest or money that it borrowed from Brit sh National Bank. The customers in he set them to borrow money at 11% interest. transaction ave credit ratings at require Record the two ournal entries that should be recorded by Monty Inc. for the sales transactions above that took place on July , 201, Round preset value factor calculations to 5 decimal places, e.g. 1.25124 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.) No. Date Account Titles and Explanation Debit Credit 1. July 1, 2017 2. July 1, 2017