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On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $526,000 by Elmira on December 31 2023. The effective interest rate is 7% (EV of $1. PV of 51. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.): Required: 1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022. Interest accrual, and receipt of payment of the note on December 31, 2023 Complete this question by entering your answers in the tabs below. Required: How much sales revenue would Wright recognize on January 1, 2021, for this transaction? (Round your final answer to nearest wole number) On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $526,000 by Elmira on December 31, 2023. The effective interest rate is 7%. (FV of $1. PV of $1. EVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Required: 1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021. Interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023. (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.) Show less View transaction list Journal entry worksheet 2 3 4 Record the sale of goods on January 1, 2021 in exchange for the long term note Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $526,000 by Elmira on December 31, 2023. The effective interest rate is 7%. (FV of $1, PV of $1. FVA of $1 PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.): Required: 1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2021 comit any entry that might be required for the cost of the goods sold), the December 31, 2021, Interest accrual, the December 31, 2022, Interest accrual, and receipt of payment of the note on December 31, 2023. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023. (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.) Show less View transaction list Journal entry worksheet Record the interest accrual on December 31, 2021. Note: Enter debits before credits Date General Journal Debit Credit December 31 2021 Record entry Clear entry View general journal On January 1, 2021, Wright Transport sold four school buses to the Elmira School District in exchange for the buses, Wright received a note requiring payment of $526,000 by Elmira on December 31, 2023. The effective interest rate is 7% FV of $1. PV of $1. EVA of $1. PVA of $1, FVAD of $1 and PVAD of S1) (Use appropriate factors) from the tables provided.): Required: 1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021. Interest accrual, the December 31, 2022, Interest accrual, and receipt of payment of the note on December 31, 2023 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the sale of merchandise on January 1, 2021 Comit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023. (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 Show less View transaction list Journal entry worksheet Record the interest accrual on December 31, 2022. Note: Enter debits before credits General Journal Debit Credit Date December 31. 2022 Record entry Clear entry View general journal On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $526,000 by Elmira on December 31, 2023. The effective interest rate is 7%. (FV of 51, PV of $1, FVA of $1, PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Required: 1. How much sales revenue would Wright recognize on January 1, 2021, for this transaction? 2. Prepare joumal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023. (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.) Show less View transaction list Journal entry worksheet Record the interest revenue in 2023 and collection of the note. Note: Enter debits before credits General Journal Debit Credit Date December 31 2023 Record entry Clear entry View general journal