Thank you in advance

Exercise 10-9 (Algo) Acquisition cost; noninterest-boaring note [LO10-3] On January 1. 2024. Byner Company purchased a used tractor. Byner paid $3.000 down and signed a noninterest-beaaling note requiting $30,000 to be paid on December 31. 2026. The fair value of the tractor is not determinabie. An interest rate of 12% properly reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31 Note: Use tables, Excel, or a financial calculator, (FY of \$1. PY of S1. EVA of \$1. PVA of S1. EYAD of \$1 and EVAD ot 5D) Required: 1. Prepare the journal entry to record the acquisition of the tractor. 2. How much interest expense will the company include in its 2024 and 2025 income statements for this note? 3. What is the amount of the liability the company will report in its 2024 and 2025 balance sheets for this note? Complete this question by entering your answers in the tabs below. Prepare the journal entry to record the acquisition of the tractor. Note: 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 doillars