On December 31, 2020, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of $20,000 receivable each December 31. An assumed interest rate of 11% is imputed.

1. Instructions: Complete the note amortization table.

Date

Cash Received

Interest Revenue

Discount Amortization

Discount Balance

Carrying Value

2. Instructions: Journalize the transactions for the note origination, interest recognition, and the note collection at maturity.