Check my work At the beginning of 2021, VHF Industries acquired a machine with a fair value of $6,760,200 by Issuing a two-year, noninterest-bearing note in the face amount of $8 million. The note is payable in two annual installments of $4 million at the end of each year. (FV of $1. PV of $1. EVA of $1. PVA of $1, FVAD of $1 and PVAD of $9 (Use appropriate factor(s) from the tables provided.) 2.24 points Skipped Required: 1. What is the effective rate of interest Implicit in the agreement? 2. to 4. Prepare the necessary journal entries. 5. Suppose the market value of the machine 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 machine. eBook Print 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? Interest rate % Required 2 to 4 > nep Save & Exit Submit Check my work Prepare the necessary journal entries. ( no entry is required for a transaction/event, select "No journal entry required in the account field. Enter your answers in whole dollar.) View transaction list 2.24 points Skipped Journal entry works Record the purchase of the machine. Note: Enter debits before credits. Date General Journal Debit Credit DU January 01, 2021 Record entry View general Journal Clear entry Prepare the necessary journal entries. (Ir no entry is required for a transaction/event, select "No journal entry required in the account field. Enter your answers in whole dollar.) View transaction list Ipped Journal entry worksheet