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Sheridan Ltd. issued an instalment note on January 1, 2020 (with a required yield of 9%) in exchange for land that it purchased from Safayeni Ltd. Safayenis real estate agent had listed the land on the market for $118,000. The note calls for three equal blended payments of $42,666 that are to be made at December 31, 2020, 2021, and 2022.

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 Reduction of Interest Principal Note Payment Carrying Amount $ ta ta $ Prepare Sheridan'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 Sheridan'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.) Account Titles and Explanation Debit Credit Date Dec 31, 2020

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