Req 2-4 transactions:

At the beginning of 2018. VHF Industries acquired a equipment with a fair value of $6,074,700 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 million at the end of each year. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use approprlate factor(s) from the tables provlded.) Requlrec 1. What is the effective rate of interest implicit in the agreement? 2. to 4. Prepare the necessary journal entry. 3. 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 11%. Prepare the journal entry to record the purchase of the equipm ent. Complete this question by entering your answers in the tabs below. Required 1 Required 2 to Required 5 What is the effective rate of interest implicit in the agreement? rate Import a new list 1Record the purchase of the equipment 2 Record the interest expense. 3 Record the interest expense