plz do not use excel

two sales E7-15 Notes Receivable with Zero and Unrealistic Interest Rates) On July 1,2017, Agincourt Inc. made 131,301 n the face amount of 1. It sold excess land in exchange for a four-year, non-interest-bearing promissory note 1 S1,101,460. The land's carrying value is $590,000. rate of 3% is payable annually. The customers in the above transactions have credit ratings that require them to borrow money at 12% interest. 2. It rendered services in exchange 2: It rendered ervices in exchange for an eight-year promissory note having a face value of $400.000. Interest at Agincourt recently had to pay 8% interest for money it borrowed fromn British National Bank. 3. On July 1,2017, Agincourt 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 $20,000, including the princi- pal and interest due, on the anniversary of the note. The implied interest rate on this note is 10%. Instructions (a) Prepare the journal entries to record the three notes receivable transactions of Agincourt Inc. on July 1, 2017. (b) Prepare an effective-interest amortization table for the instalment note obtained in partial collection of accounts receivable. From Agincourt's perspective, what are the advantages of an instalment note compared with a non- interest-bearing