6. On December 31, 2016 Montana purchased land in exchange for a Nera Payable with the following terms: Face value: $60,000 Term: 5 years Maturity Date: December 31, 2021 Stated Interest rate: 4% Annual Payments due each year on December 31. The Principle or Face Value of the Note is due on maturity date. Additional Facts: The market Interest rate for similar notes is 5%. 8. Prepare the foumal entry to record the purchase of the land. Account title Debit Credit b. Prepare the entry December 31, 2017 to record the first note payment. Account title Debit Credit c. What is the net book value of the Note Payable immediately following the third payment December 31, 2019? d. What is the total interest expense that Montana will incur over the life of the