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Prepare the entries that would be recorded by oakbrook inc

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1. Notes Receivable Journal Entries On December 31, 2010, Oakbrook Inc. rendered services to Begin Corporation 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. Prepare the entries that would be recorded by Oakbrook Inc. 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, 2010. 
(b) December 31, 2011.
(c) December 31, 2012.
(d) December 31, 2013.
(e) December 31, 2014. 

Reference no: EM131113431

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