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On December 31, 2020, Sandhill Inc. rendered services to Beghun Corporation at an agreed price of $109,601, accepting $42,400 down and agreeing to accept the
On December 31, 2020, Sandhill Inc. rendered services to Beghun Corporation at an agreed price of $109,601, accepting $42,400 down and agreeing to accept the balance in four equal installments of $21,200 receivable each December 31. An assumed interest rate of 10% is imputed. (a1) 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 Interest Discount Revenue Amortized Cash Received Carrying Amount of Note $ $ $ 21200 21200 21200 21200
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