At the beginning of 2016, VHF Industries acquired a equipment with a fair value of $4,973,700 by issuing a three-year, noninterest-bearing note in the face amount of $6 million. The note is payable in three annual installments of $2 million at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD 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? Interest 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.) view transaction list view general journal Journal Entry worksheet 1 2 3 Record the purchase of the equipment. Date General Journal Credit Debit January 01, 2016 *Enter debits before credits done clear entry record entry