On July 1, 2020,SwiftyInc. made two sales.

1.It sold land having a fair value of $907,040in exchange for a4-year zero-interest-bearing promissory note in the face amount of $1,427,241. The land is carried onSwifty's books at a cost of $596,000.2.It rendered services in exchange for a3%,8-year promissory note having a face value of $406,680(interest payable annually).

SwiftyInc. recently had to pay8% 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 at12% interest.

Record the two journal entries that should be recorded bySwiftyInc. for the sales transactions above that took place on July 1, 2020.