E14-10 (Purchase of Computer with NonInterest-Bearing Debt) Collins Corporation bought a computer on December 31, 2017, paying $30,000 down with a further $75,000 payment due on December 31, 2020. An interest rate of 10% is implicit in the purchase price. Collins uses the effective interest method and has a December 31 year end. Collins prepares fi nancial statements in accordance with ASPE. Instructions (a) Using time value of money tables, a fi nancial calculator, and computer spreadsheet functions, prepare the journal entry(ies) at the purchase date. (Round to two decimal places.) (Hint: Refer to Appendix 3B for tips on calculating.) (b) Prepare any journal entry(ies) required at December 31, 2018, 2019, and 2020. (c) Can Collins choose a different method of amortizing any premium or discount on its notes payable? Explain your answer