Desrocher Ltd. issued an instalment note on January 1, 2014 (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 $120,000. The note calls for three equal blended payments of $43,456 that are to be made at December 31, 2014, 2015, and 2016.
A)Prepare an effective-interest amortization table for the instalment note for the three-year period.