On December 31, 2020, Nash Inc. rendered services to Beghun Corporation at an agreed price of $113.785. accepting $44.600 down and agreeing to accept the balance in four equal installments of $22,300 receivable each December 31. An assumed interest rate of 11% is imputed. - Your answer is partially correct. Prepare an amortization schedule. Assume that the effective interest method is used for amortization purposes. (Round answers to decimal places, s. 5,275) December 31, 2020 Schedule of Note Discount Amortization Interest Discount Amortized Cash Carrying Amount of Note Received Revenue Date 12/31/20 $ 69185 7610 56495 12/31/21 5994 38189 12/31/22 22300 2002 22300 4201 12/31/23 12/31/24 22300 2210 Prepare an amortization schedule. Assume that the effective-Interest method is used for amortization purposes. (Round answers to decimal places, es. 5.27 Cash Received December 31, 2020 Schedule of Note Discount Amortization Interest Discount Revenue Amortized $ Carrying Amount of Note $ 69185 0 54495 Date 12/31/20 $ 12/31/21 12/31/22 C 12/31/23 1 38189 22300 22300 22300 Ooo 20090 12/31/24 22300 Assis e Textbook and Media Assi Solution 12/31/21 Interest Revenue - $69.185 x 11% - $7,610 Carrying Amount of Note - $69,185 $7,610 - $22,300 - $54,495 Prepare the entries that would be recorded by Nash Inc. for the sale on December 31, 2020. (Round answers to decimal plac Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is en Account Titles and Explanation Debit Credit Cash 69185 Notes Receivable 44600 Discount on Notes Receivable 69185 Service Revenue 44600 eTextbook and Media Solution To record revenue at the present value of the note plus the immediate cash payment: PV of $22,300 annuity at 11% for 4 years ($22,300 * 3.10245) Down payment Capitalized value of services $69,185 44,600 $113,785 Prepare the entries that would be recorded by Nash Inc. for the (a) receipts and (b) interest on December 31, 2021. (Rou entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automaticall indent manually.) Debit Credit No. Account Titles and Explanation (a) Cash 24500 Notes Receivable 24500 Discount on Notes Receivable 8361 Interest Revenue 8361 Prepare the entries that would be recorded by Nash Inc. for the (a) receipts and (b) interest on December 31, 2022. (Round entry is required, select "No Entry" for the account titles and enter for the amounts, Credit account titles are automatically indent manually.) Debit Credit No. Account Titles and Explanation (a) Cash Notes Receivable 24500 24500 (b) Discount on Notes Receivable 6586 Interest Revenue 6586 Prepare the entries that would be recorded by Nash Inc. for the (a) receipts and (b) interest on December 31, 2023. (Roun entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indent manually.) Debit Credit No. Account Titles and Explanation (a) Cash 24500 Notes Receivable 24500 (b) Discount on Notes Receivable 4615 Interest Revenue 4615 Prepare the entries that would be recorded by Nash Inc. for the (a) receipts and (b) interest on December 31, 2024. (Ro entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatica indent manually.) Debit Credit No. Account Titles and Explanation (a) Cash 34567 Notes Receivable 45673 (b) Discount on Notes Receivable 456738 Interest Revenue 45678 On December 31, 2020, Nash Inc. rendered services to Beghun Corporation at an agreed price of $113.785. accepting $44.600 down and agreeing to accept the balance in four equal installments of $22,300 receivable each December 31. An assumed interest rate of 11% is imputed. - Your answer is partially correct. Prepare an amortization schedule. Assume that the effective interest method is used for amortization purposes. (Round answers to decimal places, s. 5,275) December 31, 2020 Schedule of Note Discount Amortization Interest Discount Amortized Cash Carrying Amount of Note Received Revenue Date 12/31/20 $ 69185 7610 56495 12/31/21 5994 38189 12/31/22 22300 2002 22300 4201 12/31/23 12/31/24 22300 2210 Prepare an amortization schedule. Assume that the effective-Interest method is used for amortization purposes. (Round answers to decimal places, es. 5.27 Cash Received December 31, 2020 Schedule of Note Discount Amortization Interest Discount Revenue Amortized $ Carrying Amount of Note $ 69185 0 54495 Date 12/31/20 $ 12/31/21 12/31/22 C 12/31/23 1 38189 22300 22300 22300 Ooo 20090 12/31/24 22300 Assis e Textbook and Media Assi Solution 12/31/21 Interest Revenue - $69.185 x 11% - $7,610 Carrying Amount of Note - $69,185 $7,610 - $22,300 - $54,495 Prepare the entries that would be recorded by Nash Inc. for the sale on December 31, 2020. (Round answers to decimal plac Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is en Account Titles and Explanation Debit Credit Cash 69185 Notes Receivable 44600 Discount on Notes Receivable 69185 Service Revenue 44600 eTextbook and Media Solution To record revenue at the present value of the note plus the immediate cash payment: PV of $22,300 annuity at 11% for 4 years ($22,300 * 3.10245) Down payment Capitalized value of services $69,185 44,600 $113,785 Prepare the entries that would be recorded by Nash Inc. for the (a) receipts and (b) interest on December 31, 2021. (Rou entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automaticall indent manually.) Debit Credit No. Account Titles and Explanation (a) Cash 24500 Notes Receivable 24500 Discount on Notes Receivable 8361 Interest Revenue 8361 Prepare the entries that would be recorded by Nash Inc. for the (a) receipts and (b) interest on December 31, 2022. (Round entry is required, select "No Entry" for the account titles and enter for the amounts, Credit account titles are automatically indent manually.) Debit Credit No. Account Titles and Explanation (a) Cash Notes Receivable 24500 24500 (b) Discount on Notes Receivable 6586 Interest Revenue 6586 Prepare the entries that would be recorded by Nash Inc. for the (a) receipts and (b) interest on December 31, 2023. (Roun entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indent manually.) Debit Credit No. Account Titles and Explanation (a) Cash 24500 Notes Receivable 24500 (b) Discount on Notes Receivable 4615 Interest Revenue 4615 Prepare the entries that would be recorded by Nash Inc. for the (a) receipts and (b) interest on December 31, 2024. (Ro entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatica indent manually.) Debit Credit No. Account Titles and Explanation (a) Cash 34567 Notes Receivable 45673 (b) Discount on Notes Receivable 456738 Interest Revenue 45678