On December 31, 2020, Monty Inc. rendered services to Beghun Corporation at an agreed price of $125,934, accepting $50,000 down and agreeing to accept the balance in four equal installments of $25,000 receivable each December 31. An assumed interest rate of 12% is imputed.

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		Discount Amortized		Carrying Amount of Note
12/31/20		$		$		$		$
12/31/21
12/31/22
12/31/23
12/31/24

Prepare the entries that would be recorded by Monty 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.)

Prepare the entries that would be recorded by Monty Inc. for the (a) receipts and (b) interest on December 31, 2021. (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.)

No.	Account Titles and Explanation	Debit	Credit
(a)
(b)

Prepare the entries that would be recorded by Monty Inc. for the (a) receipts and (b) interest on December 31, 2022. (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.)

No.	Account Titles and Explanation	Debit	Credit
(a)
(b)