Record the first installment payment at December 31, 2024. Note: Enter debits before credits. Complete this question by entering your answers in the tabs bel What is the effective rate of interest implicit in the agreement? 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. Notei. If no entry is required for a transaction/event, select "No journal entiy required" in the first account fleld. Enter your answers in whole dollar. Journal entry worksheet Prepare the necessary journal entries. Note: If no entry is required for a transaction/event, select "No fournakentiy required" in the first account field, Enter your answers in whole dollar. Journal entry worksheet Record the purchase of the machine. Note: Eiver debits before credits. Journal entry worksheet Record the second installment payment at December 31, 2025. Note: Enter debits before credits. At the beginning of 2024, VHF Industries acquired a machine with a fair value of $8,222,820 by issuing a six-year, noninterest-bearing note in the face amount of $12 million. The note is payable in six annual installments of $2 million at the end of each year. 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