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On June 30,2024 , the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange The note requires payment of $47,000 on March 31,2025. The falr value of the merchandice exchanged 15 $44,180. Esquire vews the financing component of this contract as significant. Requitred: 1. Prepare journal entries to record the sale of merchandise (omit ary entry that raght be required for the cost of the goods sold). any December 31,2024 interest accrual, and the March 31,2025 colection. 2. What is the effective interest rate on the note? Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of merchandise (omit any enty that migh be required for the cost of the goods sold), any December 31, 2024 interest accrual, and the March 31,2025 collection. Note: If no entry is required for a transaction/event, select' Wo joutnal entry nequired' in the first account field. Do not round intermedate calculations. in June 30, 2024, the Esquire Company sold merchandise to a customer and accopted a noninterest-bearing note in exchange. The ote requires payment of $47,000 on March 31,2025 . The fair value of the merchandise exchanged is $44,180. Esquire vews the nancing component of this contract as significant. equired: 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, 2024 interest accrual, and the March 31, 2025 collection. 2 What is the effective interest rate on the note? Complete this question by entering your answers in the tabs below. What is the effective interest rate on the note? Note: Round your intermediate calculations and the final percentage answer to 3 decimal places

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