4 1 oints Wardell Company purchased a mainframe on January 1, 2016, at a cost of $57,000. 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, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year. 2. Prepare the year-end journal entry for depreciation in 2018. Assume that the company uses the sum-of-the-years' -digits method instead of the straight-line method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the year-end journal entry for depreciation in 2018. Assume that the company uses the sum-of-the-years' -digits method instead of the straight-line method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Event 1 General Journal Depreciation expense Accumulated depreciation-computer < Required 1 Required 2 > Debit Credit 4,400 4,400

4 1 oints Wardell Company purchased a mainframe on January 1, 2016, at a cost of $57,000. 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, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year. 2. Prepare the year-end journal entry for depreciation in 2018. Assume that the company uses the sum-of-the-years' -digits method instead of the straight-line method. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the year-end journal entry for depreciation in 2018. Assume that the company uses the sum-of-the-years' -digits method instead of the straight-line method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Event 1 General Journal Depreciation expense Accumulated depreciation-computer < Required 1 Required 2 > Debit Credit 4,400 4,400

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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