On July $1,2025,$ Sunland Inc. made two sales.

It sold land having a fair value of $$904,620$ in exchange for a $4-$year zero$-$interest$-$bearing promissory note in the face amount

of $$1,423,433.$ The land is carried on Sunland's books at a cost of $$595,300.$

It rendered services in exchange for a $3\%,8-$year promissory note having a face value of $$408,340($interest payable annually$).$

Sunland 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 Sunland Inc. for the sales transactions above that took place on July $1,2025.$

$($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. List all debit entries before credit entries.$)$

No$.$ Date Account Titles and Explanation

Debit

Credit

July $1,$

July $1,2025$