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On July 1, 2020, Bramble Inc. made two sales. 1. It sold land having a fair value of $908,350 in exchange for a 4 -year zero-interest-bearing promissory note in the face amount of $1,429,302. The land is carried on Bramble's books at a cost of $593,500. 2. It rendered services in exichange for a 3%,8-year promissory note having a face value of $403,990 (interest payable annually). Bramble 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. Click here to view factor table: Record the two journal entries that should be recorded by Bramble Inc for the sales transactions above that took place on July 1 , 2020. (Round present value foctor calculations to 5 decimal ploces, es. 1.25124 and final answers to 0 decimal places, es. 5,275. If no entry is required, select "No Entry' for the account titles and enter 0 for the amounts. Credit account tities are automatically indented when the amount is entered. Do not indent manuallys No. Date Account Titles and Explanation Debit Credit 1. July 1 , Notes Recelvable 1429302 Land Discount on Notes Receivable 520953 Gain on Disposal of Land 314850 July 1 , Notes Recelvable 2020 Service Revenue $\text{lcm}287552$ Discount on Notes Receivable

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