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Current Attempt in Progress On December 31, 2020, Larkspur Company acquired a computer from Plato Corporation by issuing a $564,000 zero-interest-bearing note, payable in full

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Current Attempt in Progress On December 31, 2020, Larkspur Company acquired a computer from Plato Corporation by issuing a $564,000 zero-interest-bearing note, payable in full on December 31, 2024. Larkspur Company's credit rating permits it to borrow funds from its several lines of credit at 12%. The computer is expected to have a 5-year life and a $ 73,000 salvage value. (a) (b) View Accou Ques Actor Your answer is partially correct. Ques Accou Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective interest method) on December 31, 2021. (Round answers to decimal places, eg. 38,548. Ino entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Ques Acco Date Account Titles and Explanation Debit Credit Que Accou December 31, 2021 Depreciation Expenses Que Acco Accumulated Depreciation Equipment 62444 (To record the depreciation.) Ques Molto December 31, 2021 Interest Expense 46226 Ques M Discount on Notes Payable 46226 Ques Multi (To amortize the discount) (To amortize the discount.) Schedule of Note Discount Amortization Debit, Interest Expense Credit, Discount on Notes Payable Carrying Amount of Note Date 12/31/20 $ 0 $ 385218 12/31/21 46226 431444 12/31/22 51773 483217 12/31/23 57986 541203 12/31/24 64944 606147 Modi

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