Question: Using the information provided in E15- 3, prepare the journal entry to record the acquisition of the new computer system assuming that the system is

Using the information provided in E15- 3, prepare the journal entry to record the acquisition of the new computer system assuming that the system is a standardized product with a current retail value of $ 1,470,000.
In E15- 3
Liberty Associates recently hired Gervin Brothers to develop an online sales system for its consumer products division. The customized online system does not have a readily determinable market value. Gervin wanted to be paid in Liberty common shares. As a result, Gervin accepted 10,000 shares of Liberty Associates $ 8 common shares. On the date the online system was fully functional, the contract was satisfied and Liberty issued the shares to Gervin. Liberty shares are not publicly traded but were valued at $ 132 per share on that date by an investment bank. Because the shares are privately placed, there are no stock issue costs. Prepare the journal entry to record the development of the online system.

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