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Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were detivered on January 1, 2024, and Arctic recelved a note from Seneca indicating thot Seneca will pay Arctic $45,800 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 inferest rate is 8%. Required: 1. Assume the note indicates that Seneca is to pay Arctic the $45,800 due on the note on December 31, 2024. Prepare the journat 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 poyment on December 31,2024. 3. Assume instead that Seneco is to pay Arctic the $45,800 due on the note on December 31, 2025. Prepare the journal entry for Arctic to record the sale on January 1,2024 4. Assume instebd 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 $45,800 due on the note on December 31, 2024. Prepare the joumal 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 S1, PV of S1, PVA of S1. PVA of S1, EVAD of \$1 and PVAD of 515 Journal entry worksheet Assume the note indicates that Seneca is to pay Arctic the 545,800 due on the note on December 31, 2024, Aecord the saie on January 1, 2024

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