Question 5 (18 marks) On December 31, 2019, Regent plc rendered services to Begin Group...
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Question 5 (18 marks) On December 31, 2019, 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. Present value of an ordinary annuity of 1 for 4 years is 3.10245 for 11%. Required: Prepare the entries that would be recorded by Regent ple 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, 2019. (b) December 31, 2020. (c) December 31, 2021. (d) December 31, 2022. (e) December 31, 2023
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