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On July 1, 2025, Concord Inc. made two sales. 1. It sold land having a fair value of $907,040 in exchange for a 4-year zero-interest-bearing

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On July 1, 2025, Concord Inc. made two sales. 1. It sold land having a fair value of $907,040 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,427,241. The land is carried on Concord's books at a cost of $596,000. 2. It rendered services in exchange for a 3%,8-year promissory note having a face value of $406,680 (interest payable annually). Concord 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 Concord Inci for the sales transactions above that took place on July 1. 2025. (Round present value factor calculations to 5 decimal ploces, e.g. 1.25124 and final answers to 0 decimal places, e.s. 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. List all debit entries before credit entries.)

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