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 $$521,000$ by Elmira on December $31,2026.$ The effective interest rate is $7\%.$

Note: Use appropriate factor$($s$)$ from the tables provided. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

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

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.

Required $2$

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 $31,2026.$

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.

Journal entry worksheet

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

note.

Note: Enter debits before credits.