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%. the carrying value of Notes Payable reported on 12/31/2020.

a. $53,466

b. $66, 242

c. $73,466

d. $80,000