received a note from Seneca indicating that Seneca will pay Arctic $35,600 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 5%. Required: 1. Assume the note indicates that Seneca is to pay Arctic the $35,600 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 $35,600 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 $35,600 due on the note on December 31, 2024. Prepare the journal entry for Arctic to record the sale on January 1, 2024. Note: Use tables, Excel, or a financial calculator. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. (FV of \$1. PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1) Journal entry worksheet Assume the note indicates that Seneca is to pay Arctic the $35,600 due on the note on December 31, 2024. Record the sale on January 1, 2024. Note: Enter debits belore credits. Journal entry worksheet Assume the note indicates that Seneca is to pay Arctic the $35,600 due on the note on December 31,2024 . Record collection of the payment on December 31,2024. Note: Enter deblts before credits. Journal entry worksheet Assume instead that Seneca is to pay Arctic the $35,600 due on the note on December 31, 2025. Record the sale on January 1, 2024. Note: Enter debits before credits. Journal entry worksheet 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 $35,600 due on the note on December 31,2024 . Record the sale on January 1, 2024. Note: Enter debits before credits