Exercise 7-15 Noninterest-bearing note receivable [LO7-7 On June 30, 2018, the Esquire Company sold some merchandise to a customer for $47,000 and agreed to accept noninterest-bearing note with an 8% discount rate r this situation. Esquire views the financing component of this contract as significant as payment a equiring the payment of $47000 on March 31, 2 019. The 8% rate is appropriate in 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), te December 31, 2018 interest accrual, and the March 31, 2019 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 What is the effective interest rate on the note? (Round your intermediate calculations and the final percentage answer to 3 decimal places.)