On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a $557,000...

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On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a $557,000 zero-interest-bearing note, payable in full on December 31, 2024. Flounder Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $63,000 salvage value. (a) Your answer is partially correct. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answers to O decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation December Equipment 31,2020 Discount on Notes Payable Notes Payable Debit 176562 380438 Credit 557000 On December 31, 2020, Flounder Company acquired a computer from Plato Corporation by issuing a $557,000 zero-interest-bearing note, payable in full on December 31, 2024. Flounder Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $63,000 salvage value. (a) Your answer is partially correct. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and the final answers to O decimal places eg. 58,971. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation December Equipment 31,2020 Discount on Notes Payable Notes Payable Debit 176562 380438 Credit 557000