. evedule LO0-6] 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 532.500 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 10%. EV of 51. PV of S1. EVA of $1. PVA 51. EVAD of S1 and PVAD o 1) (Une appropriate factor(s) from the tables provided) Required: 1. Assume the note indicates that Seneca is to pay Arctic the $32,500 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 $32.500 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 $32,500 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.) View transaction list Journal entry worksheet 1 2 Assume the note indicates that Seneca is to pay Arctic the $32,500 due on the note on December 31, 2021. Record the sale on January 1, 2021 Journal entry worksheet 2 4 Assume the note indicates that Seneca is to pay Arctic the $32,500 due on the note on December 31, 2021. Record the sale on January 1, 2021. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 Notes receivable 32 500 Discount on notes receivable Sales revenue Record entry Clear entry View general journal Journal entry worksheet 2 3 4 bes Assume the note indicates that Seneca is to pay Arctic the $32,500 due on the note on December 31, 2021. Record collection of the payment on December 31, 2021. Note: Enter debits before credits General Journal Debit Credit Date December 31 2021 View general journal Record entry Clear entry eBook Journal entry worksheet Print 2 3 4 leferences Assume instead that Seneca is to pay Arctic the $32,500 due on the note on December 31, 2022. Record the sale on January 1, 2021. Note: Enter debits before credits General Journal Doble Credo Date January 01 2021 View general Journal Record entry Clear entry Journal entry worksheet 2 3 4 es 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 $32,500 due on the note on December 31, 2021. Record the sale on January 1, 2021. Note: Enter debits before credits. Date General Journal Debit January 01 2021 View general journal Record entry Clear entry
