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On December 31, 2020, Flint Company acquired a computer from Plato Corporation by issuing a...

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Accounting

On December 31, 2020, Flint Company acquired a computer from Plato Corporation by issuing a $574,000 zero-interest-bearing note, payable in full on December 31, 2024. Flint 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 (use straight-line) and amortization (use effective-interest method) on December 31, 2021 and prepare a schedule of Note Discount Amortization from 12/31/20-12/31/24

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