Can you help?

At the beginning of 2021, VHF Industries acquired a machine with a fair value of $8,450,250 by issuing a duo-year, noninterestbearing note in the face amount of $10 million. The note is payable in two annual installments of $5 million at the end of each year. {FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1] {Use appropriate factorial from the tables provided.) Required: 1. What is the effective rate of interest implicit in the agreement? 2 to 11. Prepare the necessaryjournal entries. When recording the issuance of the installment note record it at its net book value in a single note payable [or receivable] account (no Discount]. 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 thejournal entry to record the purchase of the machine. Complete this question by entering your answers in the tabs below. i - i Requiredl IRequirEdZtoi 1 Required 5 ' What is the effective rate 0? interest Wit in the agreement? _:|E