On December 31, 2020, Pharoah Company acquired a press from Sugar Corporation by issuing a $406,000 zero-interest-bearing note, payable in full on December 31, 2023. Pharoah's credit rating permits it to borrow funds from its several lines of credit at 8%. The press is expected to have a 6-year life and a $33,000 salvage value. (a) Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, eg, 1.25124 and the final answers to 0 decimal places es 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, 2020