Chapter 7 Algorithmic Exercises wo Hl... i 2 5 points 8 01:23:31 eBook Print References On June 30, 2024, the Esquire Company sold merchandise to a customer and accepted a noninterest- bearing note in exchange. The note requires payment of $38,000 on March 31, 2025. The fair value of the merchandise exchanged is $36,290. Esquire views the financing component of this contract as significant. Saved Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2024 interest accrual, and the March 31, 2025 collection. 2. What is the effective interest rate on the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Check my work Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of 1 December 31, 2024 interest accrual, and the March 31, 2025 collection. View transaction list Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. intermediate calculations.