On January $1,2024,$ Byner Company purchased a used tractor. Byner paid $$3,000$ down and signed a noninterest$-$bearing note requiring $$30,000$ to be paid on December $31,2026.$ The fair value of the tractor 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 $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prepare the journal entry to record the acquisition of the tractor.

How much interest expense will the company include in its $2024$ and $2025$ income statements for this note?

What is the amount of the liability the company will report in its $2024$ and $2025$ balance sheets for this note?On January $1,2024,$ Byner Company purchased a used tractor. Byner paid $$3,000$ down and signed a noninterest$-$bearing note

requiring $$30,000$ to be paid on December $31,2026.$ The fair value of the tractor is not determinable. An interest rate of $12\%$ properly

reflects the time value of money for this type of loan agreement. The company's fiscai year$-$end is December $31.$

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Prenare the joumal entry to record the acquisition of the tractor.

How much interest expense will the company include in its $2024$ and $2025$ income statements for this note?

What is the amount of the llability the company will report in its $2024$ and $2025$ balance sheets for this note?

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$ and $3$

How much interest expense will the company include in its $2024$ and $2025$ income statements for this nate?

What is the amount of the liability the company will report in its $2024$ and $2025$ balance sheets for this note?

Note: Do not found intermediate calculations, Round your answers to the nearest whole dollars: