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In: AccountingOn December 31, 2017, Sheridan Company acquired a computer fromPlato Corporation by issuing a $595,000...On December 31, 2017, Sheridan Company acquired a computer fromPlato Corporation by issuing a $595,000 zero-interest-bearing note,payable in full on December 31, 2021. Sheridan Company’s creditrating permits it to borrow funds from its several lines of creditat 12%. The computer is expected to have a 5-year life and a$75,000 salvage value.Prepare the journal entry for the purchase on December 31, 2017.(Round present value factor calculations to 5 decimal places, e.g.1.25124 and the final answer to 0 decimal places e.g. 58,971. If noentry is required, select "No Entry" for the account titles andenter 0 for the amounts. Credit account titles are automaticallyindented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditDecember 31, 2017SHOW LIST OF ACCOUNTSLINK TO TEXTPrepare any necessary adjusting entries relative to depreciation(use straight-line) and amortization (use effective-interestmethod) on December 31, 2018. (Round answers to 0 decimal places,e.g. 38,548. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts. Credit account titlesare automatically indented when amount is entered. Do not indentmanually.)DateAccount Titles and ExplanationDebitCreditDecember 31, 2018(To record the depreciation.)December 31, 2018(To amortize the discount.)Schedule of Note Discount AmortizationDateDebit, Interest Expense Credit,Discount on Notes PayableCarrying Amountof Note12/31/17 $$12/31/1812/31/1912/31/2012/31/21SHOW LIST OF ACCOUNTSLINK TO TEXTPrepare any necessary adjusting entries relative to depreciationand amortization on December 31, 2019. (Round answers to 0 decimalplaces, e.g. 38,548. If no entry is required, select "No Entry" forthe account titles and enter 0 for the amounts. Credit accounttitles are automatically indented when amount is entered. Do notindent manually.)DateAccount Titles and ExplanationDebitCreditDecember 31, 2019(To record the depreciation.)December 31, 2019(To amortize the discount.)Click if you would like to Show Work for this question:Open Show Work