1. Assume the note indicates that Seneca is to pay Arctic the $38,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. 2. Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021. 3. Assume instead that Seneca is to pay Arctic the $38,700 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021. 4. Assume instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $38,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) Assume the note indicates that Seneca is to pay Arctic the $38,700 due on the note on December 31, 2021. Record the sale on January 1, 2021. Note: Enter debit before credits General Journal Debit Credit Date January 01, 2021 38,700 Notes receivable Discount on notes receivable Sales revenue Record entry Clear entry View general journal Journal entry worksheet