Question 6 Martinez Corporation bought a computer on December 31, 2020, paying $29,000 down with a further $71,000 payment due on December 31, 2023. An interest rate of 9% is implicit in the purchase price. Martinez uses the effective interest method and has a December 31 year end. Martinez prepares financial statements in accordance with ASPE. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, prepare the journal entry at the purchase date. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020 Equipment Notes Payable Cash 29000