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

1.		It sold land having a fair value of $915,830 in exchange for a 3-year zero-interest-bearing promissory note in the face amount of $1,252,520. The land is carried on Monty's books at a cost of $597,600.
2.		It rendered services in exchange for a 5%, 6-year promissory note having a face value of $402,550 (interest payable annually).

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