On December 31, 2017, Riverbed Inc. rendered services to Beghun Corporation at an agreed price of $105,784, accepting $42,000 down and agreeing to accept the balance in four equal installments of $21,000 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. (Round answers to 0 decimal places, e.g. 5,275.)
Prepare the entries that would be recorded by Riverbed Inc. for the sale on December 31, 2017. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)