A Company Purchased a Computer System on January 1,2009,for $1,600,000

question 194

Essay

A company purchased a computer system on January 1,2009,for $1,600,000.Prepare the journal entries to record depreciation for the first 6 months of 2011 and the sale of the computer assuming it is sold on July 1,2011,for $1,000,000 cash.The straight-line method of depreciation was used based on an expected life of six years and a salvage value of $130,000.

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Definitions:

Net Present Value

A financial metric used to evaluate the profitability of an investment, which calculates the present value of all future cash flows minus the initial investment cost.

Shares Outstanding

The total number of a company's shares that are currently owned by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company’s insiders.

Market Value

The current market rate for buying or selling an asset or service.

Cash Acquisition

A purchase of one company by another using cash as the form of payment rather than shares of stock or other considerations.