Concord Corporation bought a computer on December 31,2023 , paying $30,000 down with a further $88,000 payment due on December 31, 2026. An interest rate of 8% is implicit in the purchase price. Concord uses the effective interest method and has a December 31 year end. Concord prepares financial statements in accordance with ASPE. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, prepare the journal entry at the purchase date. (Hint: Refer to Chapter 3 for tips on calculating.) (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places e.g. 58,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)