On January $1.2024.$ Wright Transport sold four school buses to the Elmira School District. In exchange for the buses. Wright received a

note requiring payment of $$515,000$ by Elmira on December $31,2026.$ The effective interest rate is $8$ $$5.$

Note: Use oppropriate foctor$($s$)$ from the tables provided. $($PV of S$1.$ PV of S$1.$ PVA of S$1.$ PVA of S$1.$ PVAD of $$1$ and PVAD of S$1)$

Required:

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

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 soldl, the December $31.2024,$ interest accrual, the December $31\mathrm{.}2025,$ interest accrual, and recelpt 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: Reund your final answer to nearest whole number.

Sales revenue

Sales nevenue

$1$

$2$

$3$

$4$

$5$

$5$

$1$

$2$

$3$

$3$

$4$

$5$

Record the sale of goods on January $1,2024$ in exchange for the long term

note.

Note: Enter debits before credits.

Record the accrual of interest in $2024.$

Record the accrual of interest in $2025.$

Record the accrual of interest in $2025.$

$1$

$2$

$3$

$4$

$5$

Record the collection of the note in $2026.$