(Solved): On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In excha ...

On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright recelved a note requiring payment of \( \$ 530,000 \) by Elmira on December 31,2026 . The effectlve interest rate is \( 8 \% \). Note: Use approprlate factor(s) from the tables provided. (FV of \( \$ 1 \), PV of \( \$ 1 \), FVA of \( \$ 1 \). PVA of \( \$ 1 \), FVAD of \( \$ 1 \) and PVAD of \( \$ 1) \) 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 \( 31,2026 . \) Complete this question by entering your answers in the tabs below. Prepare journal entries to record the sale of merchandise on January 1, 2024 comit 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 transactionyevent, select "No journal entry required" in the finst account field. Do not found intermediate calculations and round your final answers to nearest whole numbet Journal entry worksheet 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 \( 31,2026 . \) Complete this question by entering your answers in the tabs below. Prepare joumal 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 joumal 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.