Question 3 of 6 > 0.9/1 Current Attempt in Progress Your answer is partially correct On July 1, 2020. Novak lec made two sales 1. It sold land having a fair value of 5919,890 in exchange for a 4-year rero interest bearing promissory note in the face amount of $1447.460. The land is carried on Novak's books at a cost of $599,700. It rendered services in exchange for a 38-year promissory note having a tace value of $404.320 interest payable annually 2 Novak In recently had to pay 89 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 at 12% Interest, Record the two journal entries that should be recorded by Novak fic 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, 5.275. I no entry required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount las entered. Do not indent manually). No. Date Account Titles and Explanation Debit Credit July 1 Notes Receivable 2020 147460 1 599700 521570 Discount on Nets Receivable Novak In recently had to pay 8% 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 at 12% interest. Record the two journal entries that should be recorded by Novak Inc. for the sales transactions above that took place on July 1, 2020 (Round present value factor calculations to decimal places, es 125124 and final answers to decimal places, s. 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 I entered. Do not indent manually) No. Debit Credit Date Account Titles and Explanation July 1 Notes Receivable 1 2020 1447460 Land 599700 Discount on Notes Receivable 527570 Gain on Disposal of Land 320190 2 July 1 2020 Notes Receivable 404320 Discount on Notes Receivable Service Revenue e Textbook and Media