9 2.24 points At the beginning of 2021, VHF Industries acquired a machine with a fair value of $9,127,520 by issuing a seven-year, noninterest bearing note in the face amount of $14 million. The note is payable in seven annual installments of $2 million at the end of each year. (FV of $1. PV of $1. FVA of St. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. What is the effective rate of interest implicit in the agreement? 2. to 4. Prepare the necessary journal entries. 5. Suppose the market value of the machine was unknown at the time of purchase, but the market rate of interest for notes of similar risk was 11%. Prepare the journal entry to record the purchase of the machine. Complete this question by entering your answers in the tabs below. Required 1 Required to Required 5 What is the effective rate of interest implicit in the agreement? Interest rate Raquina Required 2 to 4 > Prepare the necessary journal entries. (If no entry is required for a transaction/event, select "No journ. account field. Enter your answers in whole dollar.) View transaction list Journal entry worksheet > 1 2 3 Record the purchase of the machine. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general Journal Prepare the necessary journal entries. (If no entry is required for a transaction/event, select "No journ. account field. Enter your answers in whole dollar.) View transaction list Journal entry worksheet > 1 2 3 Record the purchase of the machine. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general Journal