Blue Corporation issued a $35,000, 3-year, 5\% note to Jernigan Corp. on January 1, 2023, and received a piece of equipment that normally sells for $30,648. The note requires annual interest payments each December 31 . The market interest rate for a note of similar risk is 10%. Using (1) a financial calculator or (2) Excel function Rate, calculate the implicit interest rate. (Round answer to 0 decimal places, e.g. 52\%.) Implicit interest rate % Prepare Blue's journal entry for the January 1,2023 issuance. (Hint: Refer to Chapter 3 for tips on calculating.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) eTextbook and Media List of Accounts Prepare the entry for the December 31, 2023 interest payment using the effective interest method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.)