Sheffield Corp. issued a $51,000, 3-yaer, 7% note to Jernigan Corp. on January 1, 2023, and received a piece of equipment that normally sells for $43,775. The note requires annual interest payments each December 31. The market interest rate for a note of similar risk is 13%. A) What is the implicit interest rate?B) Prepare Sheffield's journal entry for the January 1, 2023 issuance.C) Prepare the entry for the December 1, 2023 interest payment using the effective interest method. Note: there are three accounts involved in this entry