On January 1, 2018, Byner Company purchased a used tractor. Byner pald $5,000 down and signed a noninterest-bearing note requiring $42,000 to be paid on December 31, 2020. The fair value of the tractor is not determinable. An interest rate of 11% properly reflects the time value of money for this type of loan agreement. The company's fiscal year-end Is December 31. (FV of $1. PV of S1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use approprlete factor(s) from the tables provlded.) Requlred: 1. Prepare the Journal entry to record the acquisltion of the tractor. 2. How much Interest expense will the company Include In its 2018 and 2019 Income statements for this note? 3. What is the amount of the liablity the company will report in its 2018 and 2019 balance sheets for this note? Complete this question by entering your answers in the tabs below. Req 1Req 2 and 3 Prepare the journal entry to record the acquisition of the tractor. (If no entry is required for a transacti required" in the first account field. Do not round intermediate calculations. Round your answers to the View transaction list Journal entry worksheet Record the acquisition of the tractor. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal Req 1 Req 2 and 3 > Req 1Req 2 and 3 How much interest expense will the company include in the income statements and the liability the company will report in the balance sheets for this note for 2018 and 2019? (Do not round intermediate calculations. Round your answers to the nearest whole dollars.) 2018 2019 Interest expense Liability amount K Req 1 Req 2 and 3