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On December 31, 2025, Culver Company acquired a computerfrom Plato Corporation by issuing a $548.000.00 zero-interestbearing note, payable in full on December 31, 2029. Culver
On December 31, 2025, Culver Company acquired a computerfrom Plato Corporation by issuing a $548.000.00 zero-interestbearing note, payable in full on December 31, 2029. Culver 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. Click here to view factor tables. (a) Prepare the journal entry for the purchase on December 31, 2025. (Round present value foctor calculations to 5 decimal ploces, es. 1.25124 and the final answers to 2 decimal ploces, es. 58,971.23, If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Credit account titles are automatically indented when the amount is entered, Do not indent manuolly List all debit entries before credit entries.)
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