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On December 31, 2020, Skysong Company acquired a computer from Plato Corporation by issuing a $548,000 zero-interest bearing note, payable in full on December 31,

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On December 31, 2020, Skysong Company acquired a computer from Plato Corporation by issuing a $548,000 zero-interest bearing note, payable in full on December 31, 2024. Skysong 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, 2020 (Round present value factor calculations to 5 decimal places, es 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 0 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

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