Req $1$

Req $2$ to $4$

Req $5$

Prepare the necessary journal entries.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your

answers in whole dollar. 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 $9\%.$ Prepare the journal entry to record the purchase of the machine.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your

answers in whole dollar.At the beginning of $2024,$ VHF Industries acquired a machine with a fair value of $$3,169,870$ by issuing a four$-$year, noninterest$-$bearing

note in the face amount of $$4$ million. The note is payable in four annual installments of $$1$ million at the end of each year.

Required:

$1.$What is the effective rate of interest implicit in the agreement?

to $4.$ Prepare the necessary journal entries.

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 $9\%.$ Prepare the journal entry to record the purchase of the machine.

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

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What is the effective rate of interest implicit in the agreement?

Need help with this question $,$ answer all requirements provided.Please show work.Intermediate accounting $2.$