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On December 31, 2022, Regent plc rendered services to Begin Group at an agreed price of 102,049, accepting 40,000 down

Question:

On December 31, 2022, Regent plc rendered services to Begin Group 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 plc 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, 2022.

b. December 31, 2023.

c. December 31, 2024.

d. December 31, 2025.

e. December 31, 2026.

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Ashok Kumar Malhotra
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Related Book For  answer-question
Intermediate Accounting IFRS

Intermediate Accounting IFRS

ISBN: 9781119607519

4th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Details
Chapter # 7
Section: Problems
Problem: 8
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Question Posted: July 29, 2021 08:54:53
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