On December 31, 2020, Splish Company acquired a computer from Plato Corporation by issuing a $641,000 zero-interest-bearing note, payable in full on December 31, 2024. Splish Companys 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 $76,000 salvage value.

***Prepare any necessary adjusting entries relative to depreciation and amortization on December 31, 2022.****

(b) Your answer is correct. 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.) Account Titles and Explanation Debit Credit Date December 31, 2021 Depreciation Expense 66274 66274 Accumulated Depreciation Equipment (To record the depreciation.) December 31, 2021 DO JU I Interest Expense 48884 Discount on Notes Payable 48884 (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 407368 12/31/21 48884 456252 12/31/22 54750 511002 10101 12/31/23 61320 572322 12/31/24 68678 641000 Prepare any necessary adjusting entries relative to depreciation and amortization on December 31, 2022. (Round answers to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter Ofor 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, 2022 (To record the depreciation.) December 31, 2022 (To amortize the discount.)