(a) ABC Company purchased land for $19,472 by signing a note requiring six equal annual payments with the first payment made immediately. The stated interest rate was 8%. Compute the amount of the equal payments.

(b) What is the Journal entry to record the purchase of land?

(c) If the interest expense for the first year is the rate of interest times the present value of the note at the beginning of the year, what would the present value of the note be at the end of the first year and second year?