Albany international Corporation, originally the Albany Felt Company. is an industrial-goods company based in Rochester, New Hampshire. On June 30, Year 1 , Albany International sold merchandise to its good customer ABC inc. and accepted a noninterestbeating note in exchange. The note requires payment of $20,000 on March 31, Year 2 . The fair value of the merchandise exchanged is $18,500. Albany International views the financing component of this contract as significant: Required: 1. Please prepare journal entries for Albany international to record the sale of merchandise fplease omit any entry that might be required for the cost of the goods sold), any December 31 Year 1 interest accrual, and the March 31, Year 2 collection 2. What is the effective interest rate on the note? Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, Year 1 interest accrual, and the March 31, Year 2 collection. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Journal entry worksheet 4 Fiecord the sale of merchandise. tister finter detits belore creditz intermediate calculations. Journal entry worksheet Journal entry worksheet 1 Record the interest accrual on March 31. Note: Enter debits before credits. Record the cash collection. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. What is the effective interest rate on the note? Note: Round your intermedlate calculations and the final percentage answer to 3 decimal places