Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a falr market value of $30,700. Seneca pald for the snowmobiles on January 1, 2021, with delivery to occur subsequently. 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 11%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of \$1) (Use approprlate factor(s) from the tables provided.) Required: 1. Assume that, on January 1, 2021 , Seneca prepays Arctic for a December 31,2021 delivery of the snowmobiles. Prepare the journal entry for Arctic to record collection on January 1, 2021, assuming Seneca prepays the present value of the snowmobiles. 2. Prepare the journal entry for Arctic to record delivery of the snowmobiles on December 31,2021. 3. Assume Instead that delivery is to occur on December 31, 2022. Prepare the journal entry for Arctic to record collection on January 1, 2021, assuming Seneca prepays the present value of the snowmobiles. 4. Assume instead that Arctic does not vlew the time value of money component of this arrangement to be significant. Also assume that, on January 1, 2021, Seneca prepays Arctic for a December 31, 2021 delivery of the snowmobiles, and that Seneca prepays the present value of the snowmobiles. Prepare the Journal entry for Arctic to record collection on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry requlred" In the flrst account fleld. Round your final answers to the nearest whole dollar amount.) (If no entry Is required for a transaction/event, select "No journal entry requlred" In the flrst account fleld. Round your final answers to the nearest whole dollar amount.)