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Prepare the entries that would be recorded by regent inc

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On December 31, 2015, Regent Inc. rendered services to Begin Corporation at an agreed price of E102,049, 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.

Instructions

Problem 1: Prepare the entries that would be recorded by Regent Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective-interest method is used for amortization purposes.)

(a) December 31, 2015.

(b) December 31, 2017.

(c) December 31, 2019.

(d) December 31, 2016.

(e) December 31, 2018

Reference no: EM132782359

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