On January $1,2020,$ Chase Corporation purchased land by issuing a five$-$year, $0\%)$stated annual interest rate$),$ $$100,000($face rate$)$ note. For the $$100,000$ principle of the note, Chase will pay five equal annual installments of $$20,000$ each December $31$ of next five years. The fair market value of the land is not determinable. The appropriate effective interest rate for Chase is $8\%.$ Tha land acquired should be recorded at:

a$)$ $$100,000$ b$)$ $$86,243$ c$)$$$82,146$ d$)$$$79,854$