Cardinals Corporation purchased a computer on December 31, 2013, for $129,570, paying $37,020 down and agreeing to pay the balance in five equal installments of $18,510 payable each December 31 beginning in 2014. An assumed interest rate of 9% is implicit in the purchase price.

Prepare Journal Entry at date of purchase. Please help me find the values for Equipment and Discounts on Notes Payable.

Equipment ______

Discounts on Notes Payable _____

Notes Payable 92550

Cash 37020