On July 1, 2020, Novak Inc. made two sales 1. It sold and having a fair value of $909,890 in exchange for a year zero interest bearing promissory note in the face amount of $1431.725. The land is carried on Novak's books at a cost of $504.200 2. It rendered services in exchange for a 3%, 8 year promissory note having a face value of $400,660 Onterest payable annually. Novak in recently had to pay interest for money that it borrowed from National The custom the two transactions have creating that require them to borrow money at 12 rest. Record the two journal entries that should be recorded by Novak Inc. for the sales transactions above that took place on July 1, 2020. Round present O decimal places 5.275. no entry is required select "No Entry for the accounts and enter for the amount accounts are automatically i factor calculations to decid when the ancient e 1.2512 and final answers to Dontinent t Date Account Tities and Explanation 1 July 1, 2020 2 July 1.2020