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please help me figure out the interest earned in year 1! it keeps saying its...

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Accounting

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please help me figure out the interest earned in year 1! it keeps saying its wrong.

Billy's Balloon Factory (BBF) enters into a sales contract with a new customer involving a significant financing component. Delivery occurs at the date of the contract inception. However, payment of the contract price of $530,000 will not occur until three years later. The interest rate charged in similar arrangements in the industry is 8%. What amount should BBF record as the sale in the journal? Which financial statement item is impacted by this transaction? Notes Receivable The problem is solving for: Present Value The calculation involves: A Single Sum Table Method PY FV X Factor 530000 X 0.7938 420714 Record the sale in the journal: Date of Delivery Accounts Debit Credit note receivable 420714 sales revenue 420714 How much interest will be earned in Year 1? 39,277 How much interest will be earned in Year 2? 36351 How much interest will be earned in Year 3? 33658 How much interest revenue will Billy's Balloon Factory recognize (in total) over the three-year period? 109286

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