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

1.		It sold land having a fair value of $909,890 in exchange for a 3-year zero-interest-bearing promissory note in the face amount of $1,244,396. The land is carried on Shamrock's books at a cost of $594,900.
2.		It rendered services in exchange for a 4%, 6-year promissory note having a face value of $409,660 (interest payable annually).

Shamrock Inc. recently had to pay 9% 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 Shamrock Inc. for the sales transactions above that took place on July 1, 2017