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 $38,300 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 11%.

Required:

Assume the note indicates that Seneca is to pay Arctic the $38,300 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

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.

Assume instead that Seneca is to pay Arctic the $38,300 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

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 $38,300 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.)

Journal entry worksheet Assume the note indicates that Seneca is to pay Arctic the $38,300 due on the note on December 31,2021 . Record the sale on January 1, 2021. Note: Enter debits before credits. Journal entry worksheet Assume the note indicates that Seneca is to pay Arctic the $38,300 due on the note on December 31,2021 . Record collection of the payment on December 31,2021 Note: Enter debits before credits. Journal entry worksheet Assume instead that Seneca is to pay Arctic the $38,300 due on the note on December 31, 2022. Record the sale on January 1, 2021. Note: Enter debits before credits. Journal entry worksheet 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 $38,300 due on the note on December 31,2021 . Record the sale on January 1, 2021. Note: Enter debits before credits