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

1.		It sold land having a fair value of $919,890 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,447,460. The land is carried on Flounder's books at a cost of $599,700.
2.		It rendered services in exchange for a 3%, 8-year promissory note having a face value of $404,320 (interest payable annually).

Flounder 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 Flounder Inc. for the sales transactions above that took place on July 1, 2020.