On December 31, 2017, XYZ Inc. rendered services to ABC Corporation at an agreed price of $122,714, accepting $48,100 down and agreeing to accept the balance in four equal installments of $24,050 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.

Prepare the entries that would be recorded by XYZ Inc. for the sale on December 31, 2017

PLEASE ANSWER THIS QUESTION for part a and b: Prepare the entries that would be recorded by XYZ Inc. for the (a) receipts and (b) interest on December 31, 2018.

Again, PLEASE ANSWER: Prepare the entries that would be recorded by XYZ Inc. for the (a) receipts and (b) interest on December 31, 2018.

December 31, 2017 Schedule of Note Discount Cash Received Interest Revenue Carrying Amount of Note Dat 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 24,050 24,050 24,050 24,050 8,208 6,465 4,531 2,382 74,614 58,772 41,187 21,668 Account Titles and Explanation Debit Credit 48,100 Receivable 96,200 Discount on Notes Receivable 21,586 Service Revenue 122,714 No. Account Titles and Explanation Debit Credit