On January 1, Year 1, a company purchased a used vehicle. The company paid $6,000 down and signed a noninterest-bearing note requiring $26,000 to be paid on December 31 , Year 3 . The fair value of the vehicle is not determinable. An interest rate of 12% properly reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31. Note: Use tables, Excel, or a financial calculator. (EV of \$1. PV of \$1. FVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) Required: 1. Prepare the journal entry to record the acquisition of the vehicle. 2. How much interest expense will the company include in its Year 1 and Year 2 income statements for this note? 3. What is the amount of the liability the company will report in its Year 1 and Year 2 balance sheets for this note? Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the acquisition of the vehide. Noto: if no entry is required for a transaction/event, select "No journal entry required" in the first account field, Do not round. intermodiate calculations. Round your answers to the nearest whole doltars. Prepare the journal entry to record the acquisition of the vehicle. Note: 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. Journal entry worksheet Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. 2. How much interest expense will the company indude in its Year 1 and Year 2 income statements for this note? 3. What is the amount of the liability the company will report in its Year 1 and Year 2 balance sheets for this note? Note: Do not round intermediate calculations, Round your answers to the nearest whole dollar5