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On December 31, 2017, Windsor Company acquired a computer from Plato Corporation by issuing a $548,000 zero-interest-bearing note, payable in full on December 31, 2021.

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On December 31, 2017, Windsor Company acquired a computer from Plato Corporation by issuing a $548,000 zero-interest-bearing note, payable in full on December 31, 2021. Windsor Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer is expected to have a 5-year life and a $64,000 salvage value. Prepare the journal entry for the purchase on December 31, 2017. (Round present value factor calculations to 5 decimal places e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.If no entry is required, select "No Entry" for the account titles and enter O 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, 2017

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