Sandhill Ltd. issued an instalment note on January 1, 2020 (with a required yield of 8%) in exchange for land that it purchased from Safayeni Ltd. Safayeni's real estate agent had listed the land on the market for $129,000. The note calls for three equal blended payments of $46,176 that are to be made at December 31, 2020, 2021, and 2022.