On December 31, 2020, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of...

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Accounting

On December 31, 2020, Oakbrook Inc. rendered services to BeghunCorporation at an agreed price of $102,049, accepting $40,000 downand agreeing to accept the balance in four equal installments of$20,000 receivable each December 31. An assumed interest rate of11% is imputed.
1. Instructions: Complete the note amortization table.
Date
Cash Received
Interest Revenue
Discount Amortization
Discount Balance
Carrying Value
2. Instructions: Journalize the transactions for the noteorigination, interest recognition, and the note collection atmaturity.

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1 Date Cash received Interest Discount Discount Carrying Revenue Amortized Balance Value 12312020 62049 12312021 20000 6825 13175 48874 48874 62049 11 20000 6825 62049 See Answer

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On December 31, 2020, Oakbrook Inc. rendered services to BeghunCorporation at an agreed price of $102,049, accepting $40,000 downand agreeing to accept the balance in four equal installments of$20,000 receivable each December 31. An assumed interest rate of11% is imputed.1. Instructions: Complete the note amortization table.DateCash ReceivedInterest RevenueDiscount AmortizationDiscount BalanceCarrying Value2. Instructions: Journalize the transactions for the noteorigination, interest recognition, and the note collection atmaturity.