Concord Corporation purchased a computer on December 31, 2024, for $115,500, paying $33,000 down and agreeing...

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Concord Corporation purchased a computer on December 31, 2024, for $115,500, paying $33,000 down and agreeing to pay the balance in five equal installments of $16,500 payable each December 31 beginning in 2025. An assumed interest rate of 10% is implicit in the purchase price. (a) Your answer is correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Dec. 31, 2024 Equipment Discount on Notes Payable Notes Payable Cash Debit 95548 19952 Credit 82500 33000 Prepare the journal entry at December 31, 2025, to record the payment and interest (effective-interest method employed). (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Dec. 31, 2025 Account Titles and Explanation Debit Credit Concord Corporation purchased a computer on December 31, 2024, for $115,500, paying $33,000 down and agreeing to pay the balance in five equal installments of $16,500 payable each December 31 beginning in 2025. An assumed interest rate of 10% is implicit in the purchase price. (a) Your answer is correct. Prepare the journal entry at the date of purchase. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Dec. 31, 2024 Equipment Discount on Notes Payable Notes Payable Cash Debit 95548 19952 Credit 82500 33000 Prepare the journal entry at December 31, 2025, to record the payment and interest (effective-interest method employed). (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Dec. 31, 2025 Account Titles and Explanation Debit Credit