On December 31, 2020, Faital Company acquired a computer (equipment) from Plato Corporation by issuing a $600,000 zero-interest-bearing note, payable in full on December 31, 2024. Faital Company's credit rating permits it to borrow funds from its several lines of credit at 10%. The computer (equipment) is expected to have a 5-year life and a $70,000 salvage value. Instructions a. Prepare the journal entry for the purchase on December 31,2020 (Use Excel PV formula to properly value equipment at acquisition). b. Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31,2021. Schedule of Note Discount Amortization \begin{tabular}{|r|r|r|r} \multicolumn{1}{l|}{ Date } & Interest Expense & Carrying Amount of Note \\ \cline { 3 - 4 } 31 Dec-20 & & $409,808.07 \\ 31Dec21 & $40,980.81 & $450,788.88 & \\ 31 Dec-22 & $45,078.89 & $495,867.77 & \\ 31Dec23 & $49,586.78 & $545,454.55 \\ 31Dec24 & $54,545.45 & $600,000.00 \\ \hline \end{tabular} Total of discount on Notes Payable \$ $190,192.00 c. Prepare any necessary adjusting entries relative to depreciation and amortization on December 31,2022