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Check 07 5 5 points Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $35,600 on a future date Unless informed otherwise assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 5% (FV of $1. PV of S1, FVA of 51 PVA of S1, EVAD of S1 and PVAD of S1 (Use appropriate factor(s) from the tables provided.) Required: 1. Assume the note indicates that Seneca is to pay Arctic the $35,600 due on the note on December 31, 2021 Prepare the journal entry for Arctic to record the sale on January 1, 2021 2. Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021 3. Assume instead that Seneca is to pay Arctic the $35 600 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021 4. Assume instead that Arctic does not view the time value of money component of this arrangement to be significant and that the note indicates that Seneca is to pay Arctic the 535,600 due on the note on December 31 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021 if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount) Reference View transaction list 5 Journal entry worksheet 5 points Assume the note indicates that Seneca is to pay Arctic the $35,600 due on the note on December 31, 2021. Record the sale on January 1, 2021. eBook Ask References Note: Enter debits before credits. General Journal Debit Credit Dato January 01 2021 Record entry Clear entry View general journal 5 Journal entry worksheet 1 2 3 4 > pints Assume the note indicates that Seneca is to pay Arctic the $35,600 due on the note on December 31, 2021. Record collection of the payment on December 31, 2021. eBook Note: Enter debits before credits Ask General Journal Debit Credit References Date December 31 2021 Record entry Clear entry View general Journal O7 5 Journal entry worksheet 5 points Assume instead that Seneca is to pay Arctic the $35,600 due on the note on December 31, 2022. Record the sale on January 1, 2021. eBook Note: Enter debits before credits ASK General Journal References Dobit Credit Date January 01 2021 Record entry Clear entry View general Journal 5 Journal entry worksheet