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Question 10 of 10 - /3 III View Policies Show Attempt History On July 1, 2020. Sheridan Inc made two sales. 1. It sold land having a fair value of 5904,620 in exchange for 24-year zero-interest-bearing promissory note in the face amount of $1,423,433. The land is carried on Sheridan's books at a cost of $595,300. It rendered services in exchange for a3%,8-year promissory note having a face value of $408.340 (interest payable annually). 2. Sheridan Inc. 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 by Sheridan inc for the sales transactions above that took place on July 1, 2020. Round present value factor calculations to 5 decimal places, eg. 1.25124 and final answers to decimal places, e.g. 5.275. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. July 1. 2020 2. July 1. 2020