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3. On January 1, 2024, Barnacle Corporation purchased land by issuing a five-year, 0% (stated annual interest rate), $100,000 (face value) note. For the $100,000 principal of the note, Barnacle will pay five equal annual installments of $20,000 each December 31 of next five years. The fair a. Prepare the journal entry to record the purchase of land and the issuance of the note by Barnacle Required (14 points): on January 1, 2024. b. Prepare a discount or premium amortization schedule for first 3 years of the note life using the effective interest method. c. Prepare the journal entry to record on December 31, 2024