Saved 4 On January 1, 2018. Byner Company purchased a used tractor. Byner paid $4,000 down and signed a noninterest-bearing note requiring $28,000 to be paid on December 31, 2020. The fair value of the tractor is not determinable. An interest rate reflects the time value of money for this type of loan agreement. The company's fiscal year-end is Decem of 12% properly 2.5 oints EVA ofS1. PVA 01S1. EVAD of S1 and PVAD of S) (Use appropriate factorts) from the tables provided.) Required: 1. Prepare the journal entry to record the acquisition of the tractor ow much interest expense will the company include in its 2018 ahd 2019 income statements for this note? 3. What is the amount of the liability the company will report in its 2018 and 2019 balance sheets for this note? eBook Complete this question by entering your answers in the tabs below Print Req 1Req 2 and 3 References Prepare the journal entry to record the acquisition of the tractor. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollars.) View transaction list Journal entry worksheet Record the acquisition of the tractor Note: Enter debits before credits Event General Journal