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On January 1, Year 1, a company purchased a used vehicle. The company paid $6,000 down and signed a noninterest-bearing note requiring $31,000 to be paid on December 31, Year 3. The fair value of the vehicle is not determinable An interest rate of 12% properly reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31. Note: Use tables, Excel, or a financial calculator. (FV of S1, PV of \$1. FVA of \$1. PVA of S1. FVAD of \$1 and PVAD of \$1) Required: 1. Prepare the journal entry to rocord the acquisition of the vehicle. 2. How much interest expense will the company include in its Year 1 and Year 2 income statements for this note? 3. What is the amount of the liability the company will report in its Year 1 and Year 2 balance sheets for this note? Complete this question by entering your answers in the tabs below. Journal entry worksheet Note: Enter debits before credits: 2. How much interest expense will the company include in its Year 1 and Year 2 income statements for this note? 3. What is the amount of the liability the company will report in its Year 1 and Year 2 balance sheets for this note? Note: Do not round intermediate calculations. Round your answers to the nearest whole dollars