On December 31, 2017, Sandhill Inc. rendered services to Beghun Corporation at an agreed price of $124,926, accepting $49,600 down and agreeing to accept the balance in four equal installments of $24,800 receivable each December 31. An assumed interest ra

On December 31, 2017, Sandhill Inc. rendered services to Beghun Corporation at an agreed price of $124,926, accepting $49,600 down and agreeing to accept the balance in four equal installments of $24,800 receivable each December 31. An assumed interest rate of 12% is imputed.

Prepare an amortization schedule. Assume that the effective-interest method is used for amortization purposes.

December 31, 2017 Schedule of Note Discount Amortization
Date		Cash Received		Interest Revenue		Carrying Amount of Note
12/31/17		$					[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(To record the collection of interest)
	[removed]	[removed]	[removed]
	[removed]	[removed]	[removed]
	(To record the collection of the note)