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[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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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