QUESTION 6 JUL_0004_100 _=_2366226_1&step=r On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest bearing note with an 10% discount rate requiring the payment of $30,000 on March 31, 2017. The 10% rate is appropriate in this situation. Question What is the effective rate of interest for this note? 8.1% 10.0% 10.4% 10.8% QUESTION On January 1, 2016, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses. Wright received a note requiring payment of $525,000 by Elmira on December 31, 2018. The effective interest rate is 6% Question Journal entries for Wright for 2016 would include: a dobit to Discount on Notes Receivable of $84,200 a credit to Sales Revenue of $525,000 O a credit to Discount on Notes Receivable of $84,200 a credit to Notes Receivable of $525,000 QUESTION 8 Click Saue and Submit to save and submit. Click Save All Answers to save all answers