Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $31,800 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 6%. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of S1 and PVAD of $1] (Use appropriate factor(s) from the tables provided.) Required: 1. Assume the note indicates that Seneca is to pay Arctic the $31,800 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 $31,800 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 $31,800 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.) View transaction let 1 Assume the note indicates that Seneca is to pay Arctic the $31,800 due on the note on December 31, 2021. Record the sale on January 1, 2021. 2 Assume the note indicates that Seneca is to pay Arctic the $31,800 due on the note on December 31, 2021 Record collection of the payment on December 31, 2021 Je on the Credit 3 Assume instead that Seneca is to pay Arctic the $31,800 due on the note on December 31, 2022. 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 Dav Arctic the $31.800 due on the note on December 31 Note: journal entry has been entered me >31,00u uue on une note on vecember 31, 2021. Record the sale on January 1, 2021. ue on the 2 Assume the note indicates that Seneca is to pay Arctic the $31,800 due on the note on December 31, 2021. Record collection of the payment on December 31, 2021. 3 Assume instead that Seneca is to pay Arctic the $31,800 due on the note on December 31, 2022. Record the sale on January 1, 2021. Credit 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 $31,800 de on the note on December 31, 2021. Record the sale on January 1, 2021. Note : journal entry has been entered
