Activity 1.a - billy APPlying a nancial Read the scenario, then answer the questions, perform the calculations, and fill out the journal entry. Round final answers to the nearest whole dollar or number; for percents round to nearest whole number-do NOT enter percents as a decimal. (Note: When entering Time Value of Money problems one of the amounts must be negative. For this problem, use the drop-down to add the "+/-" button as a keystroke immediately before FV.) Billy's Balloon Factory (BBF) enters into a sales contract with a new customer involving a significant financing component. Delivery occurs at the date of the contract inception. However, payment of the contract price of $680,000 will not occur until three years later. The interest rate charged in similar arrangements in the industry is 7%. What amount should BBF record as sales revenue and notes receivable? Which of the following financial statement items is impacted in this transaction? Notes Receivable The problem is solving for: Present Value The calculation involves: A Single Sum Amount Keystroke Step 1: Step 2: Step 3: Step 4: Answer: