On December 31, 2017, Teal Inc. rendered services to Beghun Corporation at an agreed price...
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Accounting
On December 31, 2017, Teal Inc. rendered services to Beghun Corporation at an agreed price of $111,489, accepting $43,700 down and agreeing to accept the balance in four equal installments of $21,850 receivable each December 31. An assumed interest rate of 11% is imputed.
Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes.
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