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On December 31, 2020, Skysong Company acquired a computer from Plato Corporation by issuing a $564,000 zero-interest-bearing note, payable in full on December 31, 2024.

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On December 31, 2020, Skysong Company acquired a computer from Plato Corporation by issuing a $564,000 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 12%. The computer is expected to have a 5-year life and a $73,000 salvage value. 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, eg 38,548. 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) Credit Debit Date Account Titles and Explanation December 31, 2021 record the depreciation.) December 31, 2021 (To amortize the discount.) Schedule of Note Discount Amortization Debit, Interest Expense Credit, Discount on Notes Payable Carrying Amount of Note Date 12/31/20 $ $ 12/31/21 12/31/22 12/31/23 12/31/24

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