Bookmarks People Window Help 46). tim 0 My Turt oTan. Log 0 My TurboTan, Logi CH14 Homework. ' paorupg (1168-X At The Bean x X html mework-Required Help Save &Exit Su Check my wo At the beginning of 2018, VHF Industries acquired a equipment with a fair value of $4,973,700 by issuing a three-year noninterest-bearing note in the face amount of $6 million. The note is payable in three annual installments of $2 million at the end of each year. Eyof$1. Pyof$1. EVA of$1. PVA of $1. PAD of $1 and PVAD of (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 entry. 5. Suppose the market value of the equipment 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 equipment. m6 Complete this question by entering your answers in the tabs below. Required 1Required 2 to Prepare the necessary journal entry. (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.) Journal entry worksheet Record the interest expense. Enter debits before Prev 3of4 Next>