View Policies Current Attempt in Progress 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. Safayeni's 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. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. 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 Year Note Payment Interest 1/1/20 12/31/20 12/31/21 12/31/22 $ Reduction of Principal Car Am 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.) Note Payment Effective Interest Amortization Table Effective Interest Method Interest Reduction of Principal Carrying Amount 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 Jan. 1, 2020 eTextbook and Media List of Accounts Debit Credit