Compute the effective rate of interest

Tokyo Imports sold merchandise to Tall-Mart, receiving a six-month, noninterest-bearing note for $110,000. The implied discount rate on the note is 10.4% per annum. Tokyo uses a periodic inventory system. Required: Prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)