On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $533,000 by Elmira on December 31,2026 . The effective interest rate is 9%. Note: Use appropriate factor(s) from the tables provided. (FV of $1,PV of $1, FVA of $1,PVA of $1,FVAD of $1 and Required: 1. How much sales revenue would Wright recognize on January 1,2024 , for this transaction? 2. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and receipt of payment of the note on December 31, 2026. Table 6 Present Value of an Annuity Due of $1 Table 5 Future Value of an Annuity Due of $1 Table 4 Present Value of an Ordinary Annuity of $1 Table 3 Future Value of an Ordinary Annuity of $1 FVA=((1+i)n1)/i TABLE 2 Present value of $1 Table 1 Future value of $1 How much sales revenue would Wright recognize on January 1,2024 , for this transaction? Note: Round your final answer to nearest whole number. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024 , interest accrual, the December 31,2025 , interest accrual, and receipt of payment of the note on December 31, 2026. Note: 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. Journal entry worksheet Record the sale of goods on January 1,2024 in exchange for the long term note. Note: Enter debits before credits. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024 , interest accrual, the December 31,2025 , interest accrual, and receipt of payment of the note on December 31,2026 Note: 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. Journal entry worksheet Record the accrual of interest in 2024. Note: Enter debits before credits. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024 , interest accrual, the December 31,2025 , interest accrual, and receipt of payment of the note on December 31, 2026 Note: 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. Journal entry worksheet Record the accrual of interest in 2025. Note: Enter debits before credits. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024 , interest accrual, the December 31,2025 , interest accrual, and receipt of payment of the note on December 31,2026 Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round Journal entry worksheet INote: tnter debits betore credits. Prepare journal entries to record the sale of merchandise on January 1,2024 (omit any entry that might be required for the cost of the goods sold), the December 31,2024 , interest accrual, the December 31,2025 , interest accrual, and receipt of payment of the note on December 31,2026 Note: 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. Journal entry worksheet Record the collection of the note in 2026. Note: Enter debits before credits
