On July 1, 2020, Sheridan Inc. made two sales. 1. It sold land having a fair value of $918,650 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,445,509. The land is carried on Sheridan'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 $401,340 (interest payable annually). Sheridan 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 Sheridan Inc. for the sales transactions above that took place on July 1, 2020.