On July 1, 2022, Grouper plc made two sales. 1. 2. It sold land having a fair value of 914,620 in exchange for a 4-year, zero-interest-bearing promissory note in the face amount of 1,439,168. The land is carried on Grouper's books at a cost of 600,100. It rendered services in exchange for a 3%, 8-year promissory note having a face value of 405,130 (interest payable annually). Grouper 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 Grouper plc for the sales transactions above that took place on July 1, 2022. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 deci nal 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.)

On July 1,2022, Grouper plemade two sales. 1. It sold land having a fair value of 8914,620 in exchange fora 4 year, zero-interest-bearing promissory note in the face amount of 1,439,168. The land is carried on Grouper's books at a cost of 600,100. 2. It rendered services in exchange for a 3\%, 8-vear promissory note having a face value of 405,130 (interest payable annually) Grouper cecently had to pay 8\% interest for money that it bocrowed from British National Bank. The customers in these two tansactions have credit ratings that require them to borrow money at 12% interest. Record the two journalentries that should be recorded by Grouper plic for the sales transactions above that took place on July 1,2022. (Round present value foctor calculations to 5 decimal places, e.s. 1.25124 and final answers to 0 decimal places, e.g. 5,275. II no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titfes are automatically indented when the omount is entered. Do not indent manuafly.)