On January 1, 2018, Wright Transport sold four school buses to Elmira School District. In exchange for the buses, Wright received a note requiring payment of $518,000 by Elmira on December 31, 2020. The effective interest rate is 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1, and PVAD of $1) (Use the appropriate factor(s) from the tables):

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, 2020.

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 $518,000 by Elmira on December 31, 2020, The effective interest rate is 9%. (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.) 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. Complete this question by entering your answers in the tabs below. Required 1Required 2 How much sales revenue would Wright recognize on January 1, 2018, for this transaction? (Round your final answer to nearest whole number.) Sales revenue Required1 Required 2 This is a numeric cell, so please enter numbers only View transaction list View journal entry worksheet X: Record the sale of goods on January 1, 2018 in exchange for the long term note. 2Record the interest accrual on December 31, 2018. Record the interest accrual on December 31, 2019. 4 Record the interest revenue in 2020 and collection of the note. Requi Notejournal entry has been entered