Carla Vista Ltd. issued an instalment note on January 1, 2020 (with a required yield of 12%) in exchange for land that it purchased from Safayeni Ltd. Safayenis real estate agent had listed the land on the market for $113,000. The note calls for three equal blended payments of $42,884 that are to be made at December 31, 2020, 2021, and 2022. (USING PV TABLE)

a) Prepare an effective-interest amortization table for the instalment note for the three-year period. (12/31/20, 12/31/21, 12/31/22)

b) Prepare Carla Vistas journal entry for the purchase of the land. (1/1/2020)

c) Prepare Carla Vistas journal entry for the first instalment payment on the note on December 31, 2020.