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On January 1, 2021, Wright Transport sold four school buses to the Eimira School District. In exchange for the buses, Wright recelved a note requiring payment of $531,000 by Eimira on December 31, 2023. The effective interest rate is 7\%. (FV of $1, PV of $1, EVA of $1. PVA of \$1. FVAD of \$1 and PVAD of \$1) (Use appropriate factor(s) from the tables provided.): Required: 1. How much sales revenue would Wright recognize on January 1, 2021, for this transactipn? 2. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31, 2022, interest accrual, and receipt of payment of the note on December 31, 2023. ( A Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, interest accrual, the December 31,2022 , interest accrual, and receipt of payment of the note on December 31,2023 . (If no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole number.) Prepare joumal entries to record the sale of merchandise on January 1, 2021 (omit any entry that might be required for the cost of the goods sold), the December 31, 2021, Interest accrual, the December 31,2022 , interest accrual, and receipt of payment of the note on December 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations and round your final answers to nearest whole number.)