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Problem 7-08 On December 31, 2020, Culver Inc. rendered services to Beghun Corporation at an agreed price of $115,805, accepting $44,800 down and agreeing to accept the balance in four equal installments of $22,400 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 O decimal places, eg, 5.275) December 31, 2020 Schedule of Note Discount Ankortization Cash Interest Decrease Carrying Received Revenue Carrying Amount Amount of Note 12/31/20 SI 12/31/21 12/31/22 Date 12/31/23 12/31/24 Prepare the entries that would be recorded by Culver Inc. for the sale on December 31, 2020, (Round answers to decimal places... 5.2/5. If no entry is required Select "No Entry for the account titles and enter o for the amounts, credit account titles are automatically Indented when the amount is entered or not indent manually.) Account Titles and Explanation Debit Credit Prepare the entries that would be recorded by Culver Inc. for the sale on December 31, 2020. (Round answers to o decimal places, 0.9.5,275. If no ent "No Entry for the account tities and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do manually.) Account Titles and Explanation Debit Credit Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2021. (Round answers to decimal places antry is required, select "No Entry for the account titles and enter o for the amounts, Credle account titles are automatically lodenited when the a entered. Do not indent manually) Debit Credit No. Account Titles and Explanation (a) Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2022. (Round answers to o decimal plac entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) Interest on December 31, 2023. (Round answers to decir entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indente entered. Do not indent manually.) Debit No. Account Titles and Explanation (a) Credit (b) Prepare the entries that would be recorded by Culver Inc. for the (a) receipts and (b) interest on December 31, 2024. (Round ansvers to o declarat entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account ttles are automatically indented entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (b)