On January $1,2024,$ the Apex Company exchanged some shares of common stock it had been holding as an investment for a note

receivable. The note principal plus interest is due on January $1,2025.$ The $2024$ income statement reported $$4,560$ in interest

revenue from this note and a $$8,000$ gain on sale of investment in stock. The stock's book value was $$30,000.$ The company's fiscal

year ends on December $31.$

Required:

What is the note's effective interest rate?

Reconstruct the journal entries to record the sale of the stock on January $1,2024,$ and the adjusting entry to record interest

revenue at the end of $2024.$ The company records adjusting entries only at year$-$end.

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Reconstruct the journal entries to record the sale of the stock on January $1,2024,$ and the adjusting entry to record interest

revenue at the end of $2024.$ The company records adjusting entries only at year$-$end.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.