[The following information applies to the questions displayed below.) Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $54,000. The computer was dep using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was cha $3,600. onare the una
[The following information applies to the questions displayed below.) Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $54,000. The computer was dep using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was cha $3,600. onare the una
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Hardev
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.)
2. Prepare the year-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining-
balance method instead of the straight-line method.
No
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $54,000. The computer was depreciated
using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On January 1,
2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to
$3,600.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round
intermediate calculations. Round your final answers to nearest whole dollar.
1
Event
1
Answer is complete but not entirely correct.
General Journal
Depreciation expense
Accumulated depreciation-computer
Debit
4,978
Credit
4,978
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education