On December 31, 2020, Bridgeport Inc. rendered services to Beghun Corporation at an agreed price of $124,594, accepting $48,200 down and agreeing to accept the balance in four equal installments of $24,100 receivable each December 31. An assumed interest rate of 10% is imputed.

(a1)

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Your answer is correct.

Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes. (Round answers to 0 decimal places, e.g. 5,275.)

December 31, 2020 Schedule of Note Discount Amortization
Date		Cash Received		Interest Revenue		Decrease Carrying Amount		Carrying Amount of Note
12/31/20		$		$		$		$
12/31/21
12/31/22
12/31/23
12/31/24

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List of Accounts

Attempts: 2 of 12 used

(a2)

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Your answer is partially correct.

Prepare the entries that would be recorded by Bridgeport Inc. for the sale on December 31, 2020. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit