. On December 31, 2014, Oakland Corporation rendered services to Brock Company at an agreed price of $120,000 accepting $40,000 down and agreeing to accept the balance in four equal installments of $20,000, receivable each December 31st. An assumed interest rate of 11% is implied.

Prepare the entries that would be recorded by Oakland Corporation for the services, the receipts, and the interest on the following dates:

December 31, 2014

December 31, 2015