Rebecca Land Corp. issued a $5-$year, zero$-$interest$-$bearing note with a

$$1,000,000$ face value to Lindsay Inc. for $$1,000,000$ cash. Rebecca also gave

Lindsay the right to use a parcel of land for equipment storage for $5$ years.

Interest rates for notes of this type were $7\%$ at issue.

Instructions

Prepare the journal entries to record the issuance of the note by $($a$)$ Rebecca and

$($b$)$ Lindsay.

Use your calculator and round values to the nearest dollar.