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On december 31,2015, Regent Inc. redered services to Begin Corporation at an agreed price of...

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Question

Accounting

On december 31,2015, Regent Inc. redered services to Begin Corporation at an agreed price of $102049, accepting $40000 down and areeing to accept the balance in four equal installments of $20000 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. a) December 31,2015

b) december 31,2016

c) december 31,2017

d) december 31,2018

e) december 31,2019

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