i think you would flip it to N:1.
Employee -> Computer is one-to-many relation. (one employee can use many computers)
(many to many would be N:N).
N:N relation would seem more realistic for that relation though.
Exact answer would depend on other constraints and requirements by the design. (Almost an year since I took DB classes...if you want an exact answer, i can revise my notes tomm and let you know).
But why would you want to reverse that relation when you are doing an E-R diagram for a project ? Maybe list more project guidelines (or was this your only question ?)