Riker receives $$33,000$ from Troy as payment for a vehicle that has a fair value of $$43,300.$ The $$33,000$

constitutes full payment for the vehicle as specified in the sales contract. Assume that the time value of

money is viewed as significant for this contract.

Required:

$($a$)$ Did Troy pay Riker before or after delivery of the vehicle?

$($b$)$ Prepare the journal entry Riker would make to record receipt of Troy's payment, assuming no interest

revenue or interest expense had been recorded previously.

$($c$)$ Prepare the journal entry Riker would make to record delivery of the vehicle, assuming no interest

revenue or interest expense had been recorded previously.

Complete this question by entering your answers in the tabs below.

Req $A$

Req B and C

Did Troy pay Riker before or after delivery of the vehicle?