On July 1, 2020, Windsor Inc. made two sales. 1. It sold land having a fair value of $915,580 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,440,678. Theland is carried on Windsor'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 $406,500 (interest payable annualiy). Wind sor 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. On July 1, 2020, Windsor Inc. made two sales. 1. It sold land having a fair value of $915,580 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,440,678. Theland is carried on Windsor'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 $406,500 (interest payable annualiy). Wind sor 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