On December 31, 2020, Skysong Company acquired a computer from Plato Corporation by issuing a $592,000 zero-interest- bearing note, payable in full on December 31, 2024. Skysong Company's credit rating permits it to borrow funds from its severa lines of credit at 12%. The computer is expected to have a 5-year life and a $66,000 salvage value. Prepare the journal entry for the purchase on December 31, 2020. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to O 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 December Account Titles and Explanation Equipment 31, 2020 Debit Credit Discount on Notes Payable Notes Payable