A Company Entered into the Following Transactions Concerning Its Computer

question 8

Essay

A company entered into the following transactions concerning its computer system:
On January 1,2009 purchased a computer system that cost $1,480,000.The estimated useful life of the computer is 3 years and salvage value is $40,000.Straight-line depreciation is to be used.On January 1,2010 the company determined that the estimated useful life of the computer would be 4 years instead of 3 years.The estimated salvage value will only be $10,000.
a. Prepare the journal entry to record depreciation expense for 2010.
b. Prepare the journal entry to record depreciation expense for 2010.

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Definitions:

Core Job Characteristic(s)

Fundamental attributes of a job that affect an employee's work engagement and motivation, including skill variety, task identity, task significance, autonomy, and feedback.

Feedback from Job

Information and opinions about an individual's performance at work, often provided by supervisors or peers to aid in development and improvement.

Job Enlargement

Increasing the number of different tasks in a job to make it more varied and interesting for the employee.

Video Journalism

The practice of producing news and journalistic content through videos, often involving reporting, shooting, and editing by the journalist.