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-napton Exercises Help Save 5 Exercise 6-12 (Algo) Time value of money for accounts receivable (L06-6) 5 Do BOOK Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $30,700 on a future dato, 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 11% (FV of $1. PS1. PVA 31 PVA of $1. EVAD 01 $1 and PVAD of $1] (Use appropriate factor(s) from the tables provided.) Required: 1. Assume the note indicates that Senecals to pay Arctic the $30,700 due on the noto on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. 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, 2021. 3. Assume instead that Seneca is to pay Arctic the $30.700 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021 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 $30,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021 of no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) References View transaction de Journal entry worksheet Assume the note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Record the sale on January 1, 2021. C Taw Help Sove 6 Exercise 6-19 (Algo) Long-term contract; revenue recognition over time and at a point in time (L06-9) Assuma Nortel Networks contracted to provide a customer with internet infrastructure for $2.750,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below 2021 2022 CORE incurred during the year $360,000 $1.065.000 inated cost to complete as of 12/31 1.440,000 Billings during the year 500.000 2.250,000 cash collection during the year 340,000 2,410,000 Book Hint Fire Required: 1 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not quality for revenue recognition over time. 3. Prepare a partiol balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not quality for revenue recognition over time. ce Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages is calculated and rounded in the table below to arrive at your final answer) Porcentages et completion Choose numarator Choose denominator % complate to date Check Complete this question by entering your answers in the tabs below. Required Required 2 Required Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion (Loss amounts should be indicated with a minun sion. Use percentages os calculated and rounded in the table below to arrive at your final answer) Percentage of completion Choose numerator Choose denominator % complete to date . 1 2021 2022 O 0 ce 2021 Recented in prior years To date Recognid in 2011 $ 0 Construction revenue Construction expense Gross profitosa) $ $ 2032 Recognized in prior years To date Recognized in 2022 Construction revono Construction expense Gross profit loss) $ $ 0 D $ 0 Reed Required 2 > -napton Exercises Help Save 5 Exercise 6-12 (Algo) Time value of money for accounts receivable (L06-6) 5 Do BOOK Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $30,700 on a future dato, 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 11% (FV of $1. PS1. PVA 31 PVA of $1. EVAD 01 $1 and PVAD of $1] (Use appropriate factor(s) from the tables provided.) Required: 1. Assume the note indicates that Senecals to pay Arctic the $30,700 due on the noto on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. 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, 2021. 3. Assume instead that Seneca is to pay Arctic the $30.700 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021 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 $30,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021 of no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) References View transaction de Journal entry worksheet Assume the note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Record the sale on January 1, 2021. C Taw Help Sove 6 Exercise 6-19 (Algo) Long-term contract; revenue recognition over time and at a point in time (L06-9) Assuma Nortel Networks contracted to provide a customer with internet infrastructure for $2.750,000. The project began in 2021 and was completed in 2022. Data relating to the contract are summarized below 2021 2022 CORE incurred during the year $360,000 $1.065.000 inated cost to complete as of 12/31 1.440,000 Billings during the year 500.000 2.250,000 cash collection during the year 340,000 2,410,000 Book Hint Fire Required: 1 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming this project does not quality for revenue recognition over time. 3. Prepare a partiol balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming Nortel recognizes revenue over time according to percentage of completion 4. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not quality for revenue recognition over time. ce Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion. (Loss amounts should be indicated with a minus sign. Use percentages is calculated and rounded in the table below to arrive at your final answer) Porcentages et completion Choose numarator Choose denominator % complate to date Check Complete this question by entering your answers in the tabs below. Required Required 2 Required Required 4 Compute the amount of revenue and gross profit or loss to be recognized in 2021 and 2022 assuming Nortel recognizes revenue over time according to percentage of completion (Loss amounts should be indicated with a minun sion. Use percentages os calculated and rounded in the table below to arrive at your final answer) Percentage of completion Choose numerator Choose denominator % complete to date . 1 2021 2022 O 0 ce 2021 Recented in prior years To date Recognid in 2011 $ 0 Construction revenue Construction expense Gross profitosa) $ $ 2032 Recognized in prior years To date Recognized in 2022 Construction revono Construction expense Gross profit loss) $ $ 0 D $ 0 Reed Required 2 >