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On December 31, 2025, Coronado Company acquired a computer from Plato Corporation by issuing a $608,000.00 zero-interestbearing note, payable in full on December 31, 2029.
On December 31, 2025, Coronado Company acquired a computer from Plato Corporation by issuing a $608,000.00 zero-interestbearing note, payable in full on December 31, 2029. Coronado 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 $67,000 salvage value. Click here to view factor tables. (a) Prepare the journal entry for the purchase on December 31, 2025. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 2 decimal places, e.g. 58,971.23. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit acco entries before credit entries.)
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