The summary of the payroll for the monthly pay period ending July 15 indicated the following:

Sales salaries $275,000
Federal income tax withheld 66,675
Office salaries 42,500
Medical insurance withheld 9,480
Social security tax withheld 20,635
Medicare tax withheld 4,763

Required:
Journalize the entries to record (a) the payroll and (b) the employer's payroll tax expense for the month. The state unemployment tax rate is 3.1%, and the federal unemployment tax rate is 0.8%. Only $60,000 of salaries are subject to unemployment taxes.

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)