Exercise $7-21($Algo$)$ Long$-$term notes receivable $[$LO$7-7]$

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 $$533,000$ by Elmira on December $31.2026.$ The effective Interest rate is $9\%.$

Note: Use approprlate fector$($s$)$ from the tobles provided. $($FV of $$1.$ PV of $$1.$ FVA of $$1.$ PVA of $$1.$ FVAD of $$1$ and PVAD of $$1)$

Requlred:

How much sales revenue would Wright recognize on January $1,2024,$ for this transactlon?

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 $31,2026.$

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$$ Required $2$

Prepare joumal 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 $31,2026.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole number.

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$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[$i$,1,$January $01,2024,$Notes receivable,,$],[,,$Sales revenue,,$411,572],[$i$,2,\backslash$table$[[$December $31,],[2024]],$Sales revenue,$37,041,],[,,$Interest revenue,,$37,041],[,3,\backslash$table$[[$December $31,],[2025]],$Interest revenue,,$],[$i$,,,,,],[4,\backslash$table$[[$December $31,],[2026]],$Interest revenue,,$],[,,$Interest revenue,,$],[,,,,,],[5,\backslash$table$[[$December $31,],[2026]],$Cash,$533,000,],[,,$Notes receivable,,$]]$