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 installments of $2 million at the end of each year (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of S1 and PVAD of S1) (Use appropriate foctor(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 Required 1 Required 2 to 4 Required 5 Prepare the necessary journal entries. (If no entries is required for a transaction/event, selec the first account field. Enter your answers in whole dollar.) No General Journal Debit 1 Date January 01, 2021 Equipment Notes payable 2 December 31, 202 Interest expense Notes payable Cash 3 December 31, 202 Interest expense Notes payable Cash