On December 31, 2020, Culver Inc. rendered services to Beghun Corporation at an agreed price of $124,077, accepting $48,000 down and agreeing to accept the balance in four equal installments of $24,000 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 0 decimal places, e.g. 5,275.)
December 31, 2020
Schedule of Note Discount Amortization
Date
Cash
Received
Interest
Revenue
Carrying
Amount of Note
12/31/20 $ $ $
12/31/21
12/31/22
12/31/23
12/31/24
eTextbook and Media
List of Accounts
Prepare the entries that would be recorded by Culver Inc. for the sale on December 31, 2020. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2021. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 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)
eTextbook and Media
List of Accounts
Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2022. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 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)
eTextbook and Media
List of Accounts
Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2023. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 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)
eTextbook and Media
List of Accounts
Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2024. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 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)
