Question: can i get some help with this please its intermediate accounting and its due in 2 hours On January 1, 2024, Wright Transport sold four
On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright recelved a note requiring payment of $517,000 by Elmira on December 31,2026 . The effective interest rate is 8%. Note: Use appropriate factor(s) from the tables provided. (FV of \$1. PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) Required: 1. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024, interest accrual, the December 31, 2025, interest accrual, and receipt of payment of the note on December 31,2026 . Complete this question by entering your answers in the tabs below. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? Note: Round your final answer to nearest whole number
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