On July $1,2022,$ Windsor plc made two sales.

It sold land having a fair value of $914,620$ in exchange for a $4-$year, zero$-$interest$-$bearing promissory note in the face amount

of $1,439,168.$ The land is carried on Windsor's books at a cost of $600,100.$

It rendered services in exchange for a $3\%,8-$year promissory note having a face value of $405,130($interest payable annually$).$

Windsor 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 Windsor plc for the sales transactions above that took place on July $1,2022.$

$($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ 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 $0$ for the amounts. Credit account titles are automatically indented when the amount

is entered. Do not indent manually.$)$

Debit

Credit