On January 1, 2021, 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, 2022. The 2021 income statement reported $4,140 in interest revenue from this note and a $7,500 gain on sale of investment in stock. The stock's book value was $27.000. The company's fiscal year ends on December 31 Required: 1. What is the note's effective interest rate? 2. Reconstruct the journal entries to record the sale of the stock on January 1, 2021, and the adjusting entry to record interest revenu at the end of 2021. The company records adjusting entries only at year-end, Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the note's effective interest rate? Effective interest rate Journal entry worksheet Record the sale of the stock on January 1, 2021. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general journal Journal entry worksheet Record interest revenue at the end of 2021. Note: Enter debits before credits General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal