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Need help with the last one. thank you. On December 31, 2020, Grouper Company acquired a computer from Plato Corporation by issuing a $ 576,000
Need help with the last one. thank you. On December 31, 2020, Grouper Company acquired a computer from Plato Corporation by issuing a $ 576,000 zero-interest-bearing note, payable in full on December 31, 2024. Grouper 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 $ 77,000 salvage value. Your Answer Correct Answer Your answer is correct. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to decimal places c.8. 58,971. If no 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.) Account Titles and Explanation Debit Date Credit December 31, 2020 Ement 366060 Discount on Notes Payable 2099.00 Note Payabile Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31, 2021. (Round answers to 0 decimal places, e.g. 38,548. If no 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.) Date Account Titles and Explanation Debit Credit December 31, 2021 Depreciation Expense 57812 Accumulated Depreciation Equipment 57812 (To record the depreciation.) December 31.2021 Interest Expense Discount on Notes Payable (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 $ i 366060 12/31/21 43927 409987 Schedule of Note Discount Amortization Debit, Interest Expense Credit, Discount on Notes Payable Date Carrying Amount of Note 12/31/20 $ $ 366060 12/31/21 43927 409987 12/31/22 12/31/23 12/31/24 576000 e Textbook and Media
Need help with the last one. thank you.
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