On January 1, 2021, Byner Company purchased a used tractor. Byner paid $2.000 down and signed a noninterest bearing note requiring $29,000 to be paid on December 31, 2023. The fair value of the tractor is not determinable. An Interest rate of 10% properly reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31.EV OS1. PY051 FVA of $1. PVA of $1. EVAD of S1 and PVAD of $.1) (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 will report in its 2021 and 2022 balance sheets for this note Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare the journal entry to record the acquisition of the tractor. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollars. View transaction list Journal entry worksheet Record the acquisition of the tractor. 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 will report in its 2021 and 2022 balance sheets for this note Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Prepare the journal entry to record the acquisition of the tractor. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Intermediate calculations. Round your answers to the nearest whole dollars.) View transaction list View journal entry worksheet No Transaction Credit General Journal Tractor Discount on notes payable Debit 23.788 21,788 2,000 Cash Req 2 and 3 > W @ 2O ch opte - e - x View transaction ist Journal entry worksheet Record the acquisition of the tractor. ces Note: Enter debits before credits. Credit Transaction Debit 23,788 1 General Journal wwwwwwwwwwwwwwww : Tractor Discount on notes payable Cash 21,788 2.000 View general journal Record entry Clear entry Req1 Req 2 and 3 > On January 1, 2021, Byner Company purchased a used tractor. Byner paid $2,000 down and signed a noninterest bearing note requiring $29,000 to be paid on December 31, 2023. The fair value of the tractor is not determinable Anmetestate of DOO reflects the time value of money for this type of loan agreement. The companys fiscal year endis December EVA O $1. PVA of $1. EVAD OL $1 and PVAD OLS1) (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 will report in its 2021 and 2022 balance sheets for this note? Complete this question by entering your answers in the tabs below. Req 1 Req 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.) 2021 2,379 26,167 $ $ Interest expense Liability amount 2022 2,900 26,364 $ $ Rec 2 and 3