Problem 14-12 Noninterest-bearing installment note (L014-3) At the beginning of 2018 VHF Industries acquired a equipment with a fair value of 56 339,740 by issuing a four year, noninterest bearing note in the face amount of $8 million. The note is payable in four annual installments of $2 milion at the end of each year o 51 PV 01 $1. EVA LSI, PVA OLSUJEVAD OS and PVAD of Use appropriate factors from the tables provided. V Required: 1. What is the effective rate of interest implicit in the agreement? 2 to 4. Prepare the necessary journal entry 5. Suppose the market value of the equipment was unknown at the time of purchase, but the market rate of interest for notes of similar risk was 9. Prepare the journal entry to record the purchase of the equipment Complete this question by entering your answers in the tabs below. Required to Required What is the effective rate of interest implot in the agreement? strate Required 2 to 4 >