Arctic Lat sold seneca motor sports a snipment or snowmoones. I ne snowmodiles were deliverea on January 1, U4, ana Arctic recelved 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 8%. Required: 1. Assume the note Indicates that Seneca Is to pay Arctic the $38,300 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. 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, 2024. 3. Assume Instead that Seneca is to pay Arctic the $38,300 due on the note on December 31,2025 . Prepare the journal entry for Arctic to record the sale on January 1, 2024. 4. Assume instead that Arctic does not vew 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, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. Note: Use tables, Excel, or a financlal calculator. If no entry is required for a transactlon/event, select "No Journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. (FV of $1. PV of $1, FVA of $1. PVA of \$1, FVAD of \$1 and PVAD of \$1) Journal entry worksheet 4 Assume the note indicates that Seneca is to pay Arctic the $38,300 due on the note on December 31,2024. Record collection of the payment on December 31, 2024 . Note: Enter debits before credits. Arctic Lat sold seneca motor sports a snipment or snowmonies. I ne snowmodiles were deliverea on January 1, U4, ana Arctic recelved 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 8%. Required: 1. Assume the note Indicates that Seneca Is to pay Arctic the $38,300 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. 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, 2024. 3. Assume Instead that Seneca is to pay Arctic the $38,300 due on the note on December 31, 2025. Prepare the journal entry for Arctic to record the sale on January 1, 2024. 4. Assume instead that Arctic does not vew 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, 2024. Prepare the journal entry for Arctlc to record the sale on January 1, 2024. Note: Use tables, Excel, or a financlal calculator. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of \$1 and PVAD of \$1) Journal entry worksheet Nate: Enter debits before credits. Arctic Lat sold seneca motor sports a snipment or snowmobles. I ne snowmodiles were deliverea on January 1, U4, and Arctic recelved 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 8%. Required: 1. Assume the note Indicates that Seneca is to pay Arctic the $38,300 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. 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, 2024. 3. Assume Instead that Seneca is to pay Arctic the $38,300 due on the note on December 31,2025 . Prepare the journal entry for Arctic to record the sale on January 1, 2024. 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 $38,300 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. Note: Use tables, Excel, or a financlal calculator. If no entry is required for a transactlon/event, select "No Journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1 ) Journal entry worksheet 4 Assume the note indicates that Seneca is to pay Arctic the $38,300 due on the note on December 31, 2024, Record the sale on January 1, 2024. Note: Enter debits before credits. Arctic Lat sold seneca motor sports a snipment or snowmoones. I he snowmoonles were deliverea on January 1, U4, ana Arctuc recelved 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 8%. Required: 1. Assume the note Indicates that Seneca Is to pay Arctic the $38,300 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. 2 Assume the same facts as in requlrement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2024. 3. Assume Instead that Seneca is to pay Arctic the $38,300 due on the note on December 31,2025 . Prepare the journal entry for Arctic to record the sale on January 1, 2024. 4. Assume instead that Arctlc does not vew 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, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. Note: Use tables, Excel, or a financlal calculator. If no entry is required for a transactlon/event, select "No journal entry required" in the first account field. Do not round intermedlate calculations. Round your final answers to the nearest whole dollar amount. (PV of $1. PV of $1. PVA of $1. PVA of $1, FVAD of $1 and PVAD of \$1) Journal entry worksheet 4 Assume instead that Seneca is to pay Arctic the $38,300 due on the note on December 31, 2025. Record the sale on January 1, 2024. Nate: Enter debits before credits