On july 1, 2017, crane inc. made two sales.

1. it sold land having a fair value of $915,830 in exchange for a 3-year zero-interest-bearing promissory note in the face amount of $1,252,520. the land is carried on agincourt’s books at a cost of $597,600.
2. it rendered services in exchange for a 5%, 6-year promissory note having a face value of $402,550 (interest payable annually).
crane 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 11% interest.
record the two journal entries that should be recorded by crane inc. for the sales transactions above that took place on july 1, 2017. (round present value factor calculations to 5 decimal places, e. g. 1.25124 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.)