On July 1, 2020, Carla Inc. made two sales. 1. It sold land having a fair value of $915,580 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,440,678. The land is carried on Carla's books at a cost of $598,400. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $406,500 (interest payable annually). Carla 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 Carla Inc. for the sales transactions above that took place on July 1, 2020.

PLEASE SHOW ALL CALCULATIONS EVEN DOWN TO PERCENTAGE CALCULATION PLEASE

Flint Family Importers sold goods to Tung Decorators for $36,000 on November 1, 2020, accepting Tung's $36,000, 6-month, 6% note. Prepare Flint's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 11/1/20 Notes Receivable 36000 Sales Revenue 36000 12/31/20 Interest Receivable 350 Interest Revenue 350 5/1/21 Cash 37050 Notes Receivable 36000 Interest Receivable 350 Interest Revenue 700