Question 7 of 23 -/7 View Policies Current Attempt in Progress On July 1, 2020, Martinez Inc. made two sales. 1. It sold land having a fair value of $915,580 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,440,678. The land is carried on Martinez's books at a cost of $598,400. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $406,500 (interest payable annually). 2. Martinez Inc. 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 Martinez Inc. for the sales transactions above that took place on July 1, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 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.) Debit Credit No. Date Account Titles and Explanation July 1. 1, Notes Receivable 2020 1440678 Land 598400 Discount on Notes Receivable 525098 Gain on Disposal of Land 317180 2. July 1. 2020 Notes Receivable Discount on Notes Receivable Service Revenue