Pharoah Ltd. issued an instalment note on January 1, 2020 (with a required yield of 10%) in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent had listed the land on the market for $122,000. The note calls for three equal blended payments of $45,037 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 O decimal places, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) Effective Interest Amortization Table Effective Interest Method Note Payment Reduction of Principal Carrying Amount Interest 20 $ $ $ ta 21 22 Prepare Pharoah'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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Prepare Pharoah's journal entry for the first instalment payment on the note on December 31, 2020. (Round answers to O 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31, 2020