Cullumber 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. Safayeni's real estate agent had listed the land on the market for $123,000. The note calls for three equal blended payments of $44,641 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 an effective-interest amortization table for the instalment note for the three-year period. (Round answers to decimal places, e.g. 5,275. Do not leave any answer field blank. Enter for amounts.) Effective Interest Amortization Table Effective Interest Method Reduction of Interest Principal Note Payment Ca An Year $ $ /1/20 2/31/20 $ $ 44641 $ 10170 $ 2/31/21 44641 2/31/22 44641 Prepare Cullumber's 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 for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1, Land 2020 113000 Notes Payable 113000 eTextbook and Media List of Accounts Prepare Cullumber's journal entry for the first instalment payment on the note on December 31, 2020. (Round answers too decimal places, eg. 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 Ofor the amounts.) Debit Credit Date Account Titles and Explanation Dec 31, Interest Expense 2020 10170 Notes Payable 34471 Cash 44641