Your company purchases land for $$120,000$ on January $12024.$ Your normal cost of capital is $5\%.$ As part of the terms of the sale, the seller has agreed to finance the sale at a stated interest rate of $0\%$ interest, and the terms of the financing require you to make payments for these amounts on the following dates:

$$ $$20,000$ due December $312024$

$$ $$40,000$ due December $312025$

$$ $$60,000$ due December $312026$

Show the journal entries for each year. $($Hint: the purchase price is NOT $$120,000)$