Prepare amortization schedules for each note and

prepare the entry to record the interest

revenue for the first year on excel

E7-13 (LO4) (Note Transactions at Unrealistic Interest Rates) On July 1, 2017, Agincourt Inc. made two sales. 1. It sold land having a fair value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually). Agincourt Inc. recently had to pay 8% interest for money that it borrowed from British National Bank. The customers in amount of $1,101,460. The land is carried on Agincourt's books at a cost of $590,000. these two transactions have credit ratings that require them to borrow money at 12% interest. Instructions Record the two journal entries that should be recorded by Agincourt Inc. for the sales transactions above that took place on July 1, 2017