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On July 1.2023, Kingbird Inc made two sales: 1. It sold excess land in exchange for a four-vear, non-interest-bearing promissory note in the face amount

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On July 1.2023, Kingbird Inc made two sales: 1. It sold excess land in exchange for a four-vear, non-interest-bearing promissory note in the face amount of $1,159,680. The land's carrying value is $580.000 2. It rehdered services in excharge for an eight-year promissory note having a face value of $460.000. Interest at a rate of 2% is payable annually. The customers in the above transactions have credit ratings that require them to borrow money at 12% interest. Kingbird recently had to pay 8% interest for money it borrowed from British Bank. 3. On July 1, 2023, Kingbird also agreed to accept an instalment note from one of its customers in partial settlement of accounts receivable that were overdue. The note calls for four equal payments of $20,600, including the grincipal and Interest due, on the anniversary of the note. The implied interest rate on this note is 9%. The tables in this problem are to be used as a reference for this problem. Click bere to view the factor tible PRESENT VALUE OF 1. Click hare to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare the journal entries to record the three notes receivable transactions of Kingbird on July 1, 2023. (For calculation purposes, use 5 decimal places as displaycd in the foctor table provided. Round answers to 0 decimal places, e.3. 58,971. Credit account titles ore automatically indented when the amount is entered. Do not indent manuolly, if no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

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