Prepare an amortization schedule and prepare journal entry (thru year 2020-2024) E7.13 (LO 4) (Note Transactions at Unrealistic Interest Rates) On July 1, 2020, 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 amount of $1,101,460. The land is carried on Agincourts books at a cost of $590,000.

2.It rendered services in exchange for a 3%, 8-year promissory note having a face value of $400,000 (interest payable annually).