On december 31, 2020, culver inc. rendered services to beghun corporation at an agreed price of $124,077, accepting $48,000 down and agreeing to accept the balance in four equal installments of $24,000 receivable each december 31. an assumed interest rate of 10% is imputed.

prepare an amortization schedule. assume that the effective-interest method is used for amortization purposes. (round answers to 0 decimal places, e. g. 5,275.)

december 31, 2020
schedule of note discount amortization

date

cash
received

interest
revenue

carrying
amount of note

12/31/20 $ $ $
12/31/21
12/31/22
12/31/23
12/31/24
etextbook and media

list of accounts

prepare the entries that would be recorded by culver inc. for the sale on december 31, 2020. (round answers to 0 decimal places, e. g. 5,275. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

account titles and explanation

debit

credit

etextbook and media

list of accounts

prepare the entries that would be recorded by culver inc. for the (a) receipts and (b) interest on december 31, 2021. (round answers to 0 decimal places, e. g. 5,275. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

no.

account titles and explanation

debit

credit

(a)
(b)
etextbook and media

list of accounts

prepare the entries that would be recorded by culver inc. for the (a) receipts and (b) interest on december 31, 2022. (round answers to 0 decimal places, e. g. 5,275. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

no.

account titles and explanation

debit

credit

(a)
(b)
etextbook and media

list of accounts

prepare the entries that would be recorded by culver inc. for the (a) receipts and (b) interest on december 31, 2023. (round answers to 0 decimal places, e. g. 5,275. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

no.

account titles and explanation

debit

credit

(a)
(b)
etextbook and media

list of accounts

prepare the entries that would be recorded by culver inc. for the (a) receipts and (b) interest on december 31, 2024. (round answers to 0 decimal places, e. g. 5,275. if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

no.

account titles and explanation

debit

credit

(a)
(b)