Question: ASAP PLEASE AND DON'T COPY THE ANSWER THAT IS ALREADY POSTED IN CHEGG! AND 12% IS NOT CORRECT TOO! On June 30, 2021, the Esquire

ASAP PLEASE AND DON'T COPY THE ANSWER THAT IS ALREADY POSTED

ASAP PLEASE

AND DON'T COPY THE ANSWER THAT IS ALREADY POSTED IN CHEGG!

AND 12% IS NOT CORRECT TOO!

On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $46,000 on March 31, 2022. The fair value of the merchandise exchanged is $41,860. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and the March 31, 2022 collection. 2. What is the effective interest rate on the note? X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the effective interest rate on the note? (Round your intermediate calculations and the final percentage answer to 3 decimal places.) Effective interest rate 13.190 X %

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