On December 31, 2020. Larkspur Company acquired a computer from Plato Corporation by issuing a $636.000 zero-interest-bearing note payable in full on December 31 2024.Larkspur Company's credit rating permits it to borrow funds from its several lines of credit at 1236 The computer is expected to have a 5 year life and a 571.000 salvage value Your Answer Correct Answer (Used) Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places 1.25124 and the final answers to decimal places eg. 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) Date Account Titles and Explanation December 31, 2020 Equipment Debit Credit Discount on Notes Payable Notes Payable 636.000 Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective interest method) on December 31, 2021. Round answers to decimal places, es 38,548. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indet when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation December 31, 2021 Depreciation Expense Accumulated Depreciation Equipment (To record the depreciation.) December 31, 2021 (To amortize the discount.) Schedule of Note Discount Amortization Debit, Interest Expense Credit Carrying Amount Discount on Notes Payable of Note Date 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24