On December 31, 2015, Regent Inc. rendered services to Begin Corporation at an agreed price of 102,049,

Question:

On December 31, 2015, Regent Inc. rendered services to Begin Corporation at an agreed price of £102,049, 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 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.

(c) December 31, 2017.

(e) December 31, 2019.

(b) December 31, 2016.

(d) December 31, 2018.

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