Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $30700 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 12%. (EV of S1. PV of 51. EVA of $1. PVA of $1. FVAD of ST and PVAD of S1 (Use appropriate factor(s) from the tables provided) Required: 1. Assume the note indicates that Seneca is to pay Arctic the $30,700 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 $30,700 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 $30.700 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 accoun count field. Round your final answers to the nearest whole dollar amount) does not indicatec No 1 Answer is not complete. Date General Journal January 01, 2021 Notes receivable Discount on notes receivable Sales revenue Debit Credit 30,700 0 2 December 31, 202 Cash Discount on notes receivable Notes receivable Interest revenue 30.700 000 3 January 01, 2021 Notas receivable Discount on notes receivable Sales revenue 30,700 > >> 4 January 01, 2021 Notes receivable Sales revenue 30,700 30,700