3. On January 1, 2024, Barnacle Corporation purchased land by issuing a five-year, 0% (stated annual interest rate), $100,000 (face value) note. For the $100,000 principal of the note, Barnacle will pay five equal annual installments of $20,000 each December 31 of next five years. The fair market value of the land is$79,854. The implied effective interest rate for Barnacle is 8%. Required (14 points): a. Prepare the journal entry to record the purchase of land and the issuance of the note by Barnacle on January 1, 2024. b. Prepare a discount or premium amortization schedule for first 3 years of the note life using the effective interest method. Prepare the journal entry to record on December 31, 2024. 4. Ellis