View History Bookmarks Window Help Exercise 7-17 Interest-bearing note receivable; solving for unknown rate (LO7-7 On January 1.2018, the Apex Company exchanged some shares of common stock it had been holding as an receivable. The note principal plus interest is due on January 1, 2019. The 2018 income statement reported $5.720 in interest revenue from this note and a $8,000 gain on sale of investment in stock. The stock's book value was $36,000. The company's fiscal year on December 31 investment for a note Required: 1. What is the note's effective interest rate? journal entries to record the sale of the stock on January 1,2018, and the adjusting entry to record at the end of 2018. The company records adjusting entries only at year-end. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the note's effective interest rate? Required 2