On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a ote requiring payment of $517,000 by Elmira on December 31, 2026. The effective interest rate is 8% 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 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. Required 1 Required 2 How much sales revenue would Wright recognize on January 1, 2024, for this transaction? Note: Round your final answer to nearest whole number. Sales revenue

On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a ote requiring payment of $517,000 by Elmira on December 31, 2026. The effective interest rate is 8% 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 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. Required 1 Required 2 How much sales revenue would Wright recognize on January 1, 2024, for this transaction? Note: Round your final answer to nearest whole number. Sales revenue

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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