At the beginning of 2021, VHF Industries acquired a machine with a fair value of $6,074,700 by issuing a four year, noninterest-bearing note in the face amount of $8 million The note is payable in four annual instaliments of $2 milion at the end of each year (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVADO $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. Complete this question by entering your answers in the tabs below. Required 1 Hequired 2 to Required What is the effective rate of interest implicit in the agreement? % Required 2 to 4 >