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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 recelved a note requiring payment of $526,000 by Elmira on December 31.2023 . The effective interest rate is 7%, (EV of $1. pV of \$1. EVA of $1. PVA of \$1, FVAD of \$1 and PVAD of \$1) (Use oppropriate factor(s) from the tobles 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. 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 ts 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 A Journal entry worksheet Record the sale of goods on January 1, 2021 in exchange for the long term Journal entry worksheet Record the interest accrual on December 31, 2021. Note: Enter debits before credits. Journal entry worksheet Record the sale of goods on January 1, 2021 in exchange for the long term note. Note: Enter debits before credits. Record the interest revenue in 2023 and collection of the note. Note: Enter debits before credits. ABLE 3 Future Value of an Ordinary Annuity of \$1 FVA =r(1+)1 Journal entry worksheet Record the interest accrual on December 31, 2022. Note: Enter debits before credits. ABLE 6 Present Value of an Annuity Due of 51 PVAD =214+1n+0n TABLE 2 Present Value of $1 ... 51 ABLE 5 Future Value of an Annuity Due of $1 LE 4 Present Value of an Ordinary Annuity of \$1 PVA =1(1+)1

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