On January 1,2024, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note recelvable. The note principal plus interest is due on January 1,2025. The 2024 income statement reported $2,530 in interest revenue from this note and a $6,300 goin on sole of investment in stock. The stock's book value was $19,000. 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. What is the note's effective interest rate