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. Safayenis real estate agent had listed the land on the market for $130,000. The note calls for three equal blended payments of $46,564 that are to be made at December 31, 2020, 2021, and 2022

a. Prepare an effective-interest amortization table for the instalment note for the three-year period.

b. Prepare Sandhills journal entry for the purchase of the land

c. Prepare Sandhills journal entry for the first instalment payment on the note on December 31, 2020