Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2024, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $44,000 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 8%. Required: 1. Assume the note indicates that Seneca is to pay Arctic the $44,000 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. 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, 2024. 3. Assume instead that Seneca is to pay Arctic the $44,000 due on the note on December 31, 2025. Prepare the journal entry for Arctic to record the sale on January 1, 2024. 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 $44,000 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. Note: Use tables, Excel, or a financial calculator. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. (EV of $1. PV of $1, EVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) View transaction list Chea bed Journal entry worksheet < 1 2 3 ok nces Assume the note indicates that Seneca is to pay Arctic the $44,000 due on the note on December 31, 2024. Record the sale on January 1, 2024. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View.goparal View transaction list Journal entry worksheet < 3 4 Assume the note indicates that Seneca is to pay Arctic the $44,000 due on the note on December 31, 2024. Record collection of the payment on December 31, 2024. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Record entry Clear entry View general journal > Oped ook int ences View transaction list Journal entry worksheet < 1 2 4 Assume instead that Seneca is to pay Arctic the $44,000 due on the note on December 31, 2025. Record the sale on January 1, 2024. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 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 $44,000 due on the note on December 31, 2024. Record the sale on January 1, 2024. Note: Enter debits before credits.. Date January 01, 2024 General Journal Debit Credit Record entry Clear entry View general Journal