Exercise 6-12 (Algo) Time value of money for accounts receivable [L06-6] Arctic Cat so d Seneco Motor Sports a shipment of snowmobles. The snowmobiles were delvernd on January 2,202t, and Arctic received a note from Seneca indicating that Seneco wia pay Arctic $49,800 on a future date. Unless informed otherwiso, assume that Arctic vlews the tine value of money component of this arrangement to be sign ticant and that the reievant intesest rate is 12%. FV of S1. PV of S1, FVA O1 ts. PVA of 51, EVAD of S1 and PVAD of SD) (Use appropriate factor(s) from the tables provided) Required: 1. Assume the note indicates that Seneca is to poy Arctic the $49,800 due an the note on December 31, 202t Prepare the joumal entry for Arctic to record the sole on January 1,2021 2. Assume the same focts us in requrement 1, and prepare the journal entry for Arctic torecord collection of the payment on December 312021 3. Assunie inuteded tot Seneca ea to pay Arctic the $49.800 due on the note on Eecembef 34, 202z. Prepare the journal entry for Arctic to recotd the sale on January 1,202 4. Assume instead pas Arce does not vew the time value of money component of this arsagement to be. significant, and that the note indicates what Seneca is to pay Arcic the 549.800 due on the note on December 31, 2021. Prepare the Journal entry foc Arctic to record twe sale on yanuany 1.2021 (If no entry is requing for a transectionievent, select "No journat entry required in the finst accoumt field. Aound your final (anowers to the nearest whole deller amount.) Journal entry worksheet Journal entry worksheet Assume the note indicates that Seneca is to pay Arctic the $49,800 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 $49,800 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 $49,800 due on the note on December 31,2022 . Record the sale on January 1,2021. Note: Enter debits before credits. Journal entry worksheet 1 2 3 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 $49,800 due on the note on December 31,2021 . Record the sale on January 1,2021. Note: Enter debits before credits