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 $3,645 in interest revenue from this note and a $8,500 gain on sale of investment in stock. The stock's book value was $32,000. 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, 2024, and the adjusting entry to record interest revenue at the end of 2024. 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 % Required 2 > Required 1 Required 2 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. View transaction list Journal entry worksheet Record interest revenue at the end of 2024. Note: Enter debits before credits Date December 31, 2024 General Journal Debit Credit View general journal Record entry Clear entry