Crane Ltd. issued an instalment note on January 1, 2020 (with a required yield of 9%) in exchange for land that it purchased from Safayeni Ltd. Safayenis real estate agent had listed the land on the market for $117,000. The note calls for three equal blended payments of $42,271 that are to be made at December 31, 2020, 2021, and 2022. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.

Prepare Cranes journal entry for the purchase of the land. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2020

Prepare Cranes journal entry for the first instalment payment on the note on December 31, 2020. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec 31, 2020