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Question - On December 31, 2020, Ivanhoe Company acquired a computer from Plato Corporation by issuing a $633,000 zero-interest-bearing note, payable in full on December 31, 2024. Ivanhoe Company's 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 $66,000 salvage value.
1. Prepare the journal entry for the purchase on December 31, 2020.
2. Prepare any necessary adjusting entries relative to depreciation (use straight-line) and amortization (use effective-interest method) on December 31, 2021.
3. Prepare any necessary adjusting entries relative to depreciation and amortization on December 31, 2022.
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