4 On January 1, 2021. Byner Company purchased a used tractor Byner paid $9.000 down and signed a noninterest bearing note requiring $35.000 to be paid on December 31, 2023. The fair value of the tractor is not determinable. An Interest rate of 2% properly reflects the time value of money for this type of loan agreement The company's fiscal year end is December 31. FVSL PV of FVA of $1. PVA of $1. FVAD of $1 and PVAD of $u (Use appropriate factors) from the lables provided) Required 2. Prepare the journal entry to record the acquisition of the tractor 2. How much interest expense will the company include Intts 2021 and 2022 Income statements for this note? 2. What is the amount of the ability the company will report in its 2021 and 2022 balance sheets for this note? Complete this question by entering your answers in the tabs below. Reg1 Reg 2 and a Prepare the journal entry to record the acquisition of the tractor in try required for a transaction/event select "No journal entry required in the first account fields. Do not round intermediate calculations. Round your answers to the nearest whale dollars.) View transactions Journal entry worksheet Record the acquisition of the tractor Note Transaction Geral Journal be Credit Homework 1 On January 1, 2021, Byner Company purchased a used tractor. Byner pald $9,000 down and signed a noninterest-bearing note requiring $35,000 to be paid on December 31, 2023. The fair value of the tractor is not determinable. 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 FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided) Required: 1. Prepare the journal entry to record the acquisition of the tractor. 2 How much Interest expense will the company include in its 2021 and 2022 income statements for this note? 3. What is the amount of the liability the company will report in its 2021 and 2022 balance sheets for this note? Complete this question by entering your answers in the tabs below. RE R2 and 3 nec Dezersine how much interest expense the company will include in the income stagements and the amount of the lipbility the company will report in the balance sheets for this note for 2021 and 2022. (Do not round intermediate calculations Round your answers to the nearest hole dollars 2021 2022 Interest expense CR