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Can you help? At the beginning of 2021, VHF Industries acquired a machine with a fair value of $8,450,250 by issuing a twoyear, noninterestbean'ng note

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At the beginning of 2021, VHF Industries acquired a machine with a fair value of $8,450,250 by issuing a twoyear, noninterestbean'ng 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 factorts} from the tables providedJ Required: 1. What is the effective rate of interest implicit in the agreement? Z to 4. 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. Required 1 Reqmrgd 2 to Required 5 mat is the effective rate of interest fmpcit Ts} the agreement?

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