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.

Please only attempt if you can solve the question with proper explanation. Please do not copy from Chegg.