Use excel formulas to complete the following

Precision Machining sold Winters Manufacturing a CNC lathe. The lathe was delivered on January 1 of the current year, and Precision received a note from Winters indicating that Winters will pay Precision $60,000 on a future date. Unless informed otherwise, assume that Precision views the time value of money component of this arrangement to be significant and that the relevant interest rate is 9%.

Required:

Assume the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31 of the current year. Complete the journal entry for Precision to record the sale on January 1 of the current year.

Assume the same facts as in requirement 1, and complete the journal entry for Precision to record collection of the payment on December 31 of the current year.

Assume instead that Winters is to pay Precision the $60,000 due on the note on December 31 of the subsequent year. Complete the journal entry for Precision to record the sale on January 1 of the current year.

Assume instead that Precision does not view the time value of money component of this arrangement to be significant and that the note indicates that Winters is to pay Precision the $60,000 due on the note on December 31 of the current year. Complete the journal entry for Precision to record the sale on January 1of the current year.