on July 1, 2010, Rentoul Inc made two sales 1. It sold land haveing a fair market value of $900,000 in exchange for a 4-year non-interest-bearing promissory note in the face amount of $1,416,163. The land is carried on Rentoul's books at a cost of $590,000. 2. It rendered services in exchange for a 3% 8-year promissory note having a face value of $400,000 ( Interest payable annually) Rentoul 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 Rentoul inc. for the sales transactions above that took place on July 1, 2010. Do not give answer in image formate
on July 1, 2010, Rentoul Inc made two sales
1. It sold land haveing a fair market value of $900,000 in exchange for a 4-year non-interest-bearing promissory note in the face amount of $1,416,163. The land is carried on Rentoul's books at a cost of $590,000.
2. It rendered services in exchange for a 3% 8-year promissory note having a face value of $400,000 ( Interest payable annually)
Rentoul 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
Do not give answer in image formate
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