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2. Sold equipment by receiving a 6% 8 year promissory note having a maturity value of $400,000 (interest payable annually). Assume the market rate is

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2. Sold equipment by receiving a 6% 8 year promissory note having a maturity value of $400,000 (interest payable annually). Assume the market rate is 11%. FOR Born Tue Leree qe 7776 Borovec: a.Record the journal entry on July 1, 2014. b.Prepare the effective interest chart. c.Record the journal entry to be recorded on July 1 2015 and July 1, 2016. d.Record the journal entry for receipt of the final payment of the note on July 1, 2022

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