On July 1, 2020, Waterway Inc. made two sales. 1. It sold land having a fair value of $902,220 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,419,656. The land is carried on Waterway's books at a cost of $590,900. 2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $402,150 (interest payable annually). Waterway 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 Waterway Inc. for the sales transactions above that took place on July 1, 2020.