Business, 13.04.2021 04:40 malikapooh124

On July 1, 2020, Riverbed Inc. made two sales. 1. It sold land having a fair value of $912,330 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,435,565. The land is carried on Riverbed's books at a cost of $597,200.
2. It rendered services in exchange for a 3%, 8-year promissory note having a face value of $401,660 (interest payable annually).
Riverbed 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 Agincourt Inc. for the sales transactions above that took place on July 1, 2014.

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On July 1, 2020, Riverbed Inc. made two sales. 1. It sold land having a fair value of $912,330 in e...

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