On December 31, 2017, Cheyenne Company acquired a computer from Plate Corporation by issuing a $548,000 rero-interest-bearing note, payable in lon December 31, 2021. Cheyenne Company's credit rating permits to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year re and a $72,000 salvage value Your answer is correct. Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to decimal places 1.25124 and the al answer to decimal places g. 5,971. I no entry is required, select "No Entry for the account titles and enter for the amount Credit account titles are automatically indented when amount is entered. Do not Indent manually) Account Titles and Explanation December 31, 2017 Equipment Discount on Notes Payable Notes Payable ! Your answer is partially correct. Try again Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective interest method) on December 31, 2018. (Round answers to decimal places, 9. 38,548. Ir 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 December 31, 2018 Depreciation Expense Accumulated Depreciation Equipment (To record the depreciation) December 31, 2018 interest Expense 37429 Our answers partially correct. Try again. Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective interest method) on December 31, 2018. (Round answers to decimal places,.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 amo entered. Do not indent manually) Account Titles and Explanation December 31, 2018 Depreciation Expense Accumulated Depreciation Equipment (To record the depredation) December 31, 2018 interest Expense Discount on Notes Payable (To amortize the discount.) Schedule of Note Discount Amortization Debit, Interest Expense Credit Carrying Amount Discount on Notes Payable of Note Date 12/31/17 374289 12/31/18 411713 12/31/19 452890 12/31/20 498179 12/31/21 547997