On January 1, 2018, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $535,000 by Elmira on December 31, 2020. The effective interest rate is 5%. (FOSI. Pyof $1, FVA 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, 2018, for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1, 2018 (omit any entry that might be required for the cost of the goods sold), the December 31, 2018, interest accrual, the December 31, 2019, interest accrual, and receipt of payment of the note on December 31, 2020. payment or the note on vecember 31, z0zU. (iT no entry is required ror a transactionyevent, select "No journai entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole number.) Show lessA No Date General Journal Debit Credit January 01 Note receivable 535,000 Discount on note receivable 72,846 Sales revenue 462,154 Docember 31,Discount on note receivable 23,108 18 Interest revenue 23,108 December 3, Discount on note receivable 019 25,476 Interest revenue 25,476 December 3 2020 Discount on note 25,476 Interest revenue 5,476 Cash 535,000 Note receivable 535,000 C Required 1