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Help Seve Ed Sun 5 Check my work Exercise 10-9 (Algo) Acquisition cost; noninterest-bearing note (LO10-3] 5 points On January 1, 2021. Byner Company purchased a used tractoc Byner paid $7,000 down and signed a noninterest-bearing note requiring $40,000 to be paid on December 31, 2023. The fair value of the tractor is not determinable. An Interest rate of 10% properly reflects the time value of money for this type of loan agreement. The company's fiscal year-end is December 31. (EV of $1. PE EVA of $1. EVA of St EVAD of S1 and PVAD OLS1) (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? eBook Print Complete this question by entering your answers in the tabs below. References Red 1 Reg 2 and 3 Prepare the journal entry to record the acquisition of the tractor (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollars.) View transaction det Journal entry worksheet Record the acquisition of the tractor Che Complete this question by entering your answers in the tabs below. 5 points Reg 1 Reo 2 and 3 Prepare the journal entry to record the acquisition of the tractor (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollars.) eBook View transaction list Journal entry worksheet Savet Help 7 Exercise 10-17 (Algo) Nonmonetary exchange (LO10-6) The Bronco Corporation exchanged land for equipment. The land hod a book value of $129,000 and a fair value of $168,000. Bronco received $19,000 from the owner of the equipment to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange. eBook Complete this question by entering your answers in the tabs below. Print Required: Required 2 ferences What is the fair value of the equipment? Fair value Roguines Required 2 > 7 Help Complete this question by entering your answers in the tabs below. 5 points Required 1 Required 2 Prepare the journal entry to record the exchange. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field) eBook View transaction list Print Journal entry worksheet References