On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest bearing note in exchange. The note requires payment of $48,000 on March 31,2022 . The fair value of the merchandise exchanged is $44,760. Esquire vlews the finanding component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and the March 31, 2022 collection. 2 . What is the effective interest rate on the note? Complete this question by entering your answers in the tabs below. Prepare joumal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31,2021 interest accrual, and the March 31,2022 collection. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermedlate calculations.) Journal entry worksheet Record the interest accrual on December 31. Note: Enter debits before credits: Journal entry worksheet Record the Interest accrual on March 31. Note: Enter debits before credits. Journal entry worksheet IInancing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for December 31, 2021 interest accrual, and the March 31, 2022 collection. 2. What is the effective interest rate on the note? Complete this questhin by entering your answers in the tabs below. What is the effective interest rate on the note? (Round your intermediate calculations and the final percenta decimal places.)