Activity 1.d Dilly Applying Haricial Read the scenario, then answer the questions, perform the calculations, and fill out the journal entry. Round final answers to the nearest whole dollar or number; for percents round to nearest whole number-do NOT enter percents as a decimal. (Note: When entering Time Value of Money problems one of the amounts must be negative. For this problem, use the drop-down to add the "+/-" button as a keystroke immediately before FV.) 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 $680,000 will not occur until three years later. The interest rate charged in similar arrangements in the industry is 7%. What amount should BBF record as sales revenue and notes receivable? Which of the following financial statement items is impacted in this transaction? Notes Receivable The problem is solving for: Present Value The calculation involves: A Single Sum Amount Keystroke Step 1: Step 2: Step 3: Step 4