On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In...

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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 $516,000 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: 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. Required 1 Required 2 How much sales revenue would Wright recognize on January 1, 2024, for this transaction? Note: Round your final answer to nearest whole number. Sales revenue < Required 1 Required 2 > Journal entry worksheet 1 2 3 4 5 Record the sale of goods on January 1, 2024 in exchange for the long term note. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the accrual of interest in 2024. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 Record the accrual of interest in 2025. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 Record the accrual of interest in 2026. Note: Enter debits before credits. Date December 31, 2026 General Journal Debit Credit Record entry Clear entry View general journal < Prey 5 of 6 Next Journal entry worksheet < 1 2 3 4 5 Record the collection of the note in 2026. Note: Enter debits before credits. Date December 31, 2026 General Journal Debit Credit View general journal Record entry Clear entry 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 $516,000 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: 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. Required 1 Required 2 How much sales revenue would Wright recognize on January 1, 2024, for this transaction? Note: Round your final answer to nearest whole number. Sales revenue < Required 1 Required 2 > Journal entry worksheet 1 2 3 4 5 Record the sale of goods on January 1, 2024 in exchange for the long term note. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 Record the accrual of interest in 2024. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 Record the accrual of interest in 2025. Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 4 5 Record the accrual of interest in 2026. Note: Enter debits before credits. Date December 31, 2026 General Journal Debit Credit Record entry Clear entry View general journal < Prey 5 of 6 Next Journal entry worksheet < 1 2 3 4 5 Record the collection of the note in 2026. Note: Enter debits before credits. Date December 31, 2026 General Journal Debit Credit View general journal Record entry Clear entry