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

1.		It sold land having a fair value of $917,020 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,442,944. The land is carried on Culver's books at a cost of $590,500.
2.		It rendered services in exchange for a 3%, 8-year promissory note having a face value of $408,520 (interest payable annually).

Culver 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 Culver Inc. for the sales transactions above that took place on July 1, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. If no entry