2. 1.00 points value Brief Exercise 14-10 Note with unrealistic interest rate [LO14-3] On January 1, Snipes Construction paid for earth-moving equipment by issuing a $310,000, 2-year note that specified 3% interest to be paid on December 31 of each year. The equipment's retail cash price was unknown, but it was E o S1. P of$1. EVA S1. determined the a reasonable interest rate was 6%. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) At what amount should Snipes record the equipment and the note? es are based on 6.0% : Amount sent Value Interest Principal Price of equipment What journal entry should it record for the transaction? (If no entry select "No journal entry required" in the first account field.) is required for a transaction/event, View transaction list Journal entry worksheet Record the issue of note payable for equipment purchase. Note: Enter debits before credits Event General Journal Debit Credit MacBook