On December 31, 2020, Sunland Inc. rendered services to Beghun Corporation at an agreed price of $104,948, accepting $40,600 down and agreeing to accept the balance in four equal installments of $20,300 receivable each December 31. An assumed interest rate of 10% is imputed. Prepare an amortization schedule. Assume that the effective interest method is used for amortization purposes. (Round answers to decimal places, e.g. 5,275.) December 31, 2020 Schedule of Note Discount Amortization Cash Interest Discount Carrying Received Revenue Amortized Amount of Note $ $ $ $ $ Prepare the entries that would be recorded by Sunland Inc. for the sale on December 31, 2020. (Round answers to decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the entries that would be recorded by Sunland Inc. for the (a) receipts and (b) interest on December 31, 2021. (Round answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (b) Prepare the entries that would be recorded by Sunland Inc.for the (a) receipts and (b) interest on December 31, 2022. (Round answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (b) Prepare the entries that would be recorded by Sunland Inc. for the (a) receipts and (b) interest on December 31, 2023. (Round answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter 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 Sunland Inc. for the (a) receipts and (b) interest on December 31, 2024. (Round answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter 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)
