On July 1, 2023, Metlock Inc. made two sales: 1. 2. It sold excess land in exchange for a four-year, non-interest-bearing promissory note in the face amount of $1,094,530. The land's carrying value is $560,000. It rendered services in exchange for an eight-year promissory note having a face value of $470,000. Interest at a rate of 3% is payable annually. The customers in the above transactions have credit ratings that require them to borrow money at 11% interest. Metlock recently had to pay 6% interest for money it borrowed from British Bank. 3. On July 1, 2023, Metlock also agreed to accept an installment note from one of its customers in partial settlement of accounts receivable that were overdue. The note calls for four equal payments of $21,700, including the principal and interest due, on the anniversary of the note. The implied interest rate on this note is 8%. The tables in this problem are to be used as a reference for this problem. No. Account Titles and Explanation 1. Notes Receivable Land Gain on Disposal of Land 2. Notes Receivable Service Revenue 3. Notes Receivable Accounts Receivable I Debit Credit