Exercise 7-19 (Algo) Noninterest-bearing note receivable [LO7-7] On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $49,000 on March 31, 2022. The fair value of the merchandise exchanged is $46,060. Esquire views the financing component of this contract as significant. 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, 2021 interest accrual, and the March 31, 2022 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 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, 2021 interest accrual, and the March 31, 2022 collection. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) No General Journal Credit Date June 30, 2021 Debit 46,060 Notes receivable Sales revenue 46,060 2,058 x December 31, 202 Interest receivable Interest revenue 2.058 X 3 March 31, 2022 882 x Interest receivable Interest revenue 882 X March 31, 2022 49,000 Cash Notes receivable 49,000 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.) 6.383 %