On July 1, 2020, Novak Inc. made two sales. 1. It sold land having a fair value of $917,040 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,442,976. The land is carried on Novak's books at a cost of $591,800.
2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $405,360 (interest payable annually).

Novak 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 Novak Inc. for the sales transactions above that took place on July 1, 2020. (

Which of the following statements is not true about regions? a.) regions have fixed boundaries that are determined by the region's inhabitants.b.) a region can be defined by physical characteristics, such as climate, landform, and vegetation.c.) regions can change over time.d.) a region can be defined by human characteristics, such as language, government, and economic activity.e.) the same location can be considered part of multiple regions.

For review 1. in terms of which government is sovereign, differentiate among a unitary system, a confed- eral system, and a federal system of government. 2. to which level of government does the constitution distribute the enumerated po implied powers? concurrent powers? reserved powers? provide several power. 3. what matters fall within the scope of state sovereignty? differentiate among dual federalism, cooperative federalism, centralized federalism, and conflicted federalism. how does the national government use grants-in-aid, mandates, and preemption to direct the policy of state and local governments? 6. what do we mean by intergovernmental relations? why is the term a good description of u.s. federalism today? 7. list several advantages and several disadvantages of a federal system.

Why is it essential to operationally define the variables in a study?