At the beginning of 2016, VHF Industries acquired a machine with a fair value of $8,099,300 by signing a four-year lease. The lease is payable in four annual payments of $2.5 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? (Enter your percentage answer as a whole number.) The implicit interest rate 2. to 4. Prepare the lessee's journal entries at the inception of the lease, the first lease payment at December 31, 2016 and the second lease payment at December 31, 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet 1 2 3 Record lease. General Journal Debit Date Credit January 01, 2016 *Enter debits before credits done clear entry record entry