Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mini computer on January 1, 2019, at a cost of $40,000. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $900. 2. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate, assuming 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. Do not round intermediate calculations and round your final answers to nearest whole dollar.)
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mini computer on January 1, 2019, at a cost of $40,000. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $900. 2. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate, assuming 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. Do not round intermediate calculations and round your final answers to nearest whole dollar.)
Chapter1: Financial Statements And Business Decisions
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8.
Required information
[The following information applies to the questions displayed below.]
Wardell Company purchased a mini computer on January 1, 2019, at a cost of $40,000. The computer has
been depreciated using the straight-line method over an estimated five-year useful life with an estimated
residual value of $4,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years,
and the estimate of residual value was changed to $900.
Part 2 of 2
10
points
2. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate, assuming 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. Do not round intermediate calculations and round your final
answers to nearest whole dollar.)
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Journal entry worksheet
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Chapter 20 Homework i
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8.
Required information
[The following information applies to the questions displayed below.]
Wardell Company purchased a mini computer on January 1, 2019, at a cost of $40,000. The computer has
been depreciated using the straight-line method over an estimated five-year useful life with an estimated
residual value of $4,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years,
and the estimate of residual value was changed to $900.
Part 2 of 2
10
points
2. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate, assuming 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. Do not round intermediate calculations and round your final
answers to nearest whole dollar.)
Skipped
еВook
Print
View transaction list
References
Journal entry worksheet
1
>
Record the depreciation.
Mc
Graw
Hill
Education
< Prev
8
of 9
Next >
2
1 8:18
...
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