At the beginning of 2016, VHF Industries acquired a equipment with a fair value of $7,985,420 by issuing a five-year, noninterest-bearing note in the face amount of $10 million. The note is payable in five annual installments of $2 million at the end of each year. (FV of $1, PV of $1, FVA of $1, 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? nterest rate 2 to 4. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollar. transaction list view transa Journal E 1. Record the purchase of the equipment. 2. Record the interest expense. 12 3. Record the interest expense. Recor Date January 01