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Record the two journal entries that should be recorded

    Assignment Instructions

    Assignment ID: FG133136121

    Question – The following list of accounts for Company C.V. Ltd. is available at the end of 200X.

    On July 1, 2020, Oriole Inc. made two sales.

    1. It sold land having a fair value of $915,830 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,441,072. The land is carried on Oriole’s books at a cost of $597,600.

    2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $402,550 (interest payable annually).

    Oriole 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.

    Required – Record the two journal entries that should be recorded by Oriole Inc. for the sales transactions above that took place on July 1, 2020.

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