Coronado Corporatian purchased a computer on December $31,2024,$ for $$130,200,$ paying $$37,200$ down and agreeing to pay the balance in five equal installments of $$18,600$ payable each December $31$ beginning in $2025.$ An assumed interest rate of $9\%$ 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$.1\mathrm{.}25124$ and final answers to $2$ decimal places, eg$.52\mathrm{.}75.$ Credit account titles are autamatically indented when 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.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$Jec$.31,2024,$Equipment,,$],[$Discourt on Notes Payable,,$],[$Cash$,,],[$Notes Payable,,$]]$

eTextbook and Media

List of Accounts

Attempts: $6$ of $12$ used

$($b$)$

Your answer is correct.

Prepare the journal entry at December $31,2025,$ to record the payment and interest $($effective$-$interest method emplayed$).($Round answers to $2$ decimal places, eg$.52\mathrm{.}75.$ Credit account titles are autamatically indented when 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.

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$Jec$.31,2025,$Irterest Expense,,$],[$Notes Payable,$18,600,],[$Cash$,,18,1],[$Discount on Notes Payable,,$\frac{?}{\text{b}\text{a}\text{r}}(5,941)$