Blossom Ltd. issued an instalment note on January 1, 2017 (with a required yield of 10%) in exchange for land that it purchased from Safayeni Ltd. Safayenis real estate agent had listed the land on the market for $122,000. The note calls for three equal blended payments of $45,037 that are to be made at December 31, 2017, 2018, and 2019. A)

Year	Note Payment	Interest	Reduction of Principal	Carrying Amount
1/1/17	XXX	X	XXX
12/31/17
12/31/18
12/31/19

B) Prepare Blossoms journal entry for the purchase of the land (2) C) Prepare Blossoms journal entry for the first instalment payment on the note on December 31, 2017. (3)