At the beginning of 2024 , VHF Industries acquired a machine with a fair value of $6,942,160 by issuing a two-year, noninterest-bearing note in the face amount of $8 million. The note is payable in two annual installments of $4 million at the end of each year. 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 9%. Prepare the journal entry to record the purchase of the machine. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare the necessary journal entries. Note: 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