On July 1, 2020, Pharoah Inc. made two sales. It sold land having a fair value of $913,050 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,436,698. The land is carried on Pharoah's books at a cost of $592,800. 1. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $407,700 (interest payable annually) 2. Pharoah 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 Pharoah 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 is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation No. Date Debit Credit July 1, 2020 1 Notes Receivable 1436698 592800 Land 523648 Discount on Notes Receivable Gain on Disposal of Land 320250 2. July 1, 2020 407700 Notes Receivable Discount on Notes Receivable Service Revenue JAA