Exercise 6-13 (Algo) Time value of money for deferred revenue [LO6-6] Arctic Cat sold Seneca Motor Sports a shipment of snowmobi les that have a fair market value of $31,800. Seneca paid for the snowmobiles on January 1, 2021, with delivery to occur subsequently. 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 6%. (FV of $1 PV of $1, FVA of $1 PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) ed Required: 1. Assume that, on January 1, 2021, Seneca prepays Arctic for a December 31, 2021 delivery of the snowmobiles. Prepare the journal entry for Arctic to record collection on January 1, 2021, assuming Seneca prepays the present value of the snowmobiles. 2. Prepare the journal entry for Arctic to record delivery of the snowmobiles on December 31, 2021. 3. Assume instead that delivery is to occur on December 31, 2022. Prepare the journal entry for Arctic to record collection on January 1 2021, assuming Seneca prepays the present value of the snowmobiles. 4. Assume instead that Arctic does not view the time value of money component of this arrangement to be significant. Also assume that, on January 1, 2021, Seneca prepays Arctic for a December 31, 2021 delivery of the snowmobiles, and that Seneca prepays the present value of the snowmobiles. Prepare the journal entry for Arctic to record collection 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.) Debit Credit General Journal No Date 30,000 Cash January 01, 2021 30,000 Deferred revenue (If no entry is required tor a transactl answers to the nearest whole dollar amount.) Credit Debit General Journal Date No 30,000 January 01, 2021 Cash 1 30,000 Deferred revenue arded 1,800 December 31, 202 Interest expense 2 30,000 Deferred revenue 31,800 Sales revenue 30,171 January 01, 2021 Cash 3 ces 30,171 Deferred revenue 31,800 January 01, 2021 4 Cash 33,900 Deferred revenue