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On December 31, 2020, Windsor Inc. rendered services to Beghun Corporation at an agreed price of $104,948, accepting $40,600 down and agreeing to accept the
On December 31, 2020, Windsor 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. (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 Decrease Revenue Carrying Amount Cash Received Carrying Amount of Not 720 $ $ $ $ 721 20,300 722 20,300 123 20,300 124 20,300
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