Required information [The following information applies to the questions displayed below] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. 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 $1,200. Required: 1. Prepare the year-end journal entry for depreciation on December 31, 2024. No depreciation was recorded during the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar. Answer is complete but not entirely correct.
Required information [The following information applies to the questions displayed below] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. 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 $1,200. Required: 1. Prepare the year-end journal entry for depreciation on December 31, 2024. No depreciation was recorded during the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar. Answer is complete but not entirely correct.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me with show all calculation thanku
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Required information
[The following information applies to the questions displayed below]
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48,000. The computer was depreciated
using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. 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
$1,200.
Required:
1. Prepare the year-end journal entry for depreciation on December 31, 2024. No depreciation was recorded during the year.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final
answers to nearest whole dollar.
No
1
Event
1
Answer is complete but not entirely correct.
General Journal
Depreciation expense
Accumulated depreciation-computer
Debit
2,100
Credit
2,100
Retur](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcee9adfe-de64-44eb-bbdc-a265450b54f8%2F52d95cb7-8416-4c11-b109-54f1f12a32f9%2F6pelsq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1
Required information
[The following information applies to the questions displayed below]
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48,000. The computer was depreciated
using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. 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
$1,200.
Required:
1. Prepare the year-end journal entry for depreciation on December 31, 2024. No depreciation was recorded during the year.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final
answers to nearest whole dollar.
No
1
Event
1
Answer is complete but not entirely correct.
General Journal
Depreciation expense
Accumulated depreciation-computer
Debit
2,100
Credit
2,100
Retur
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