Arctic Cat sold Seneca Motor Sports a shipment of snowmoties. The snowmobiles were delivered on banuary 1, 2011 and Arctic received a note from Seneca indicating that Seneca will pay Acta $35.600 on a future de. Uness normed otherwise, assume that Arctic views the time value of money component of the arrangement to be significant and that the relevant interest rate is 5% of 51 PV of SLEVA $1. PVA OS1.EVAD Sand PVAD OES Use appropriate factors from the tables provided) Required: 1. Assume the note indicates that Senecals to pay Arct the $35,600 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 2021 2. Assume the same facts as in requirement and prepare the journal entry for Acc to record collection of the payment on December 31, 2021 S. Assume instead that Seneca is to pay Arctic the $35.000 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 there note indicates that Seneca is to pay Arctic the $35,600 due on the note on December 31, 2021 Prepare the journal entry for Art 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 feld. Round your final answers to the nearest whole dollar amount.) View transaction ist view jumalantry worksheet 1 January 01, 2021 Noles receivable Discount on notes receivable Discount on notes receivable Cash 3 January 01, 2021 Notes receivable January 01, 2021 Noles recevable Sales revenue