Reference no: EM132793243
Problem 1: Prepare journal entries for each of the following transactions or events for Liu Cybersystems:
Point a: Acquired computers costing $800,000 and software costing $80,000 on January 1, 2016. Liu expects the computers to have a service life of 10 years and $80,000 residual value. The soft- ware is expected to have a service life of four years and zero residual value.
Point b: Paid $40,000 to install the computers at Liu's office. Paid $20,000 to test the software.
Point c: Liu records depreciation and amortization expense for the computers and the computer software using the straight-line method for 2016 and 2017.
Point d: On January 1, 2018, new software on the market makes the software acquired in 2011 obsolete.
Point e: On January 2, 2018, Liu revised the depreciable life of the com- puters to a total of 14 years and the salvage value to $112,000. Give the entry to record depreciation expense for 2018.
Point f: On December 31, 2019, Liu sells the computers for $520,000. Give the required journal entries for 2019.
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