Bonus Problem (10 points): Prepare the journal entry to record the purchase of land by the issurance of a zero interest bearing installment note On January 1, 2017, Mikki Corporation purchased land by issuing a five-year, 0% ( stated annual interest rate) note. The terms of the $100,000 note specify that Mikki will pay five equal annual principal installments of $20,000 cach December 31 of next five years. The fair market value of the land is not determinable. The appropriate effective interest rate for Mikki is 8% and Mikki uses the effective interest rate method for amortization. Present value of l for 5 periods at 8%.. Present value of ordinary annuity for 5 periods at 8%. Present value of annuity due for 5 periods at 8% 68058 431213 3.99271 Prepare the journal entry to record the purchase of land and the issuance of the note by Mikki on ry 1,2017