On January 1, 2021, Byner Company purchased a used tractor. Byner paid $3,000 down and signed a noninterest bearing note requiring $44,000 to be paid on December 31, 2023. The fair value of the tractor is not determinable. An interest rate of 11% property reflects the time value of money for this type of loan agreement. The company's fiscal year-ends December 31. {EV of $1. PV of si. FVA of $1. PVA $1. EVAD of S1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry to record the acquisition of the tractor 2. How much interest expense will the company include in its 2021 and 2022 income statements for this note? 3. What is the amount of the liability the company wil report in its 2021 and 2022 balance sheets for this note? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Determine how much interest expense the company will include in the income statements and the amount of the ability the company will report in the balance sheets for this note for 2021 and 2022. Do not round intermediate calculations. Round Your answers to the nearest whole dollars) 2022 Interestean Liability amount 2021 $ 3.538 4.258!