07 Homework Help Save & lexit Submit Check my work Exercise 7-20 (Algo) Long-term notes receivable [LO7-7) poed 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 $533,000 by Elmira on December 31, 2023. The effective interest rate is 9% (FV of $1. PV of St. FVA of 1 PVA of $1. FVAD of S1 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 omt 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 How much sales revenue would Wnight recognize on January 1, 2021, for this transaction? (Round your final answer to nearest whole number Salesene