Retoul 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. On January 1, 2010, Rentoul Inc. made the following sales. It rendered services in exchange for a 3%, 8-year promissory note having a facc value of $400,000 (interest payable semi-annually on July 1 and December 31). It sold land having a fair market value of $900,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,416,163. The land is carried on RentouYs books at a cost of $590,000. (The amortization is done on annual basis) Instruction: Please round all your computations to the second decimal place. Record all journal entries that should be recorded by Rentoul Inc. for the sales transactions listed above for 2010