9 2.24 points At the beginning of 2021, VHF Industries acquired a machine with a fair value of $9127,520 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. EVA of $1. PVA of $1. EVAD of S1 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. eBook Complete this question by entering your answers in the tabs below. Print Required 2 to Required 1 Required What is the effective rate of interest Implicit in the agreement? Interest rate % Required 2 to 4 >