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

1.		It sold land having a fair value of $904,970 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,373,810. The land is carried on Sunland's books at a cost of $596,000.
2.		It rendered services in exchange for a 5%, 8-year promissory note having a face value of $409,570 (interest payable annually).

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