On July 1, 2020, Buffalo Inc. made two sales.

1.		It sold land having a fair value of $904,620 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,423,433. The land is carried on Buffalo's books at a cost of $595,300.
2.		It rendered services in exchange for a 3%, 8-year promissory note having a face value of $408,340 (interest payable annually).

Buffalo 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 12% interest. Record the two journal entries that should be recorded by Buffalo Inc. for the sales transactions above that took place on July 1, 2020.