10 Check my wer its 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 $515,000 by Elmira on December 31, 2023. The effective interest rate is 8% (FV of $1. PV or SI. EVAS! PVA of $1. FVAD of $1 and PVAD of $1 (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 (omit any entry that might be required for the cost or 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. BOOK Complete this question by entering your answers in the tabs below. Required 1 Required 2 How much sales revenue would Wright recognize on January 1, 2021, for this transaction? (Round your trainer te nearest whole number) Sales roven Required 2 > nou Next 10 of 11 10 View transaction list 1.66 points Journal entry worksheet 1 2 3 4 eBook Record the sale of goods on January 1, 2021 in exchange for the long term note. Note: Enter debits before credits General Journal Debit godit Date January 01, 2021 Mc Graw Hill