I am really in need of help with these questions.

Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2024, and Arctic received 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.

No	Date	General Journal	Debit	Credit
1	January 01, 2024	Notes receivableselected answer correct	38,300selected answer correct	not attempted
		Discount on notes receivableselected answer correct	not attempted	4,787selected answer incorrect
		Sales revenueselected answer correct	not attempted	34,505selected answer incorrect
2	December 31, 2024	Discount on notes receivableselected answer correct	not attempted	not attempted
		Notes receivableselected answer incorrect	not attempted	not attempted
		Interest revenueselected answer correct	not attempted	not attempted
3	January 01, 2024	Notes receivableselected answer correct	not attempted	not attempted
		Discount on notes receivableselected answer correct	not attempted	not attempted
		Sales revenueselected answer correct	not attempted	not attempted
4	January 01, 2024	Notes receivableselected answer correct	not attempted	not attempted
		Sales revenueselected answer correct	not attempted	not attempted

2. Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor receives $630,000 in exchange for satisfying the following separate performance obligations: (1) franchisees have a five-year right to operate as a Monitor Muffler retail establishment in an exclusive sales territory, (2) franchisees receive initial training and certification as a Monitor Mechanic, and (3) franchisees receive a Monitor Muffler building and necessary equipment. The stand-alone selling price of the initial training and certification is $15,600, and $474,000 for the building and equipment. Monitor estimates the stand-alone selling price of the five-year right to operate as a Monitor Muffler establishment using the residual approach.

Monitor received $78,000 on July 1, 2024, from Perkins and accepted a note receivable for the rest of the franchise price. Monitor will construct and equip Perkinss building and train and certify Perkins by September 1, and Perkinss five-year right to operate as a Monitor Muffler establishment will commence on September 1 as well.

Required:

1. What amount would Monitor calculate as the stand-alone selling price of the five-year right to operate as a Monitor Muffler retail establishment?
2. What journal entry would Monitor record on July 1, 2024, to reflect the sale of a franchise to Dan Perkins?
3. How much revenue would Monitor recognize in the year ended December 31, 2024, with respect to its franchise arrangement with Perkins? (Ignore any interest on the note receivable.)

Total Revenue ______