[The following Information applies to the questions displayed below.] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $56,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $11,000. 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 $2,000. repare the year-end Journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining- nce method instead of the straight-line method. e: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Do not round mediate calculations. Round your final answers to nearest whole dollar. o Event 1 Answer is not complete. General Journal Depreciation expense Accumulated depreciation-computer Debit Credit
[The following Information applies to the questions displayed below.] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $56,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $11,000. 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 $2,000. repare the year-end Journal entry for depreciation on December 31, 2024. Assume that the company uses the double-declining- nce method instead of the straight-line method. e: If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld. Do not round mediate calculations. Round your final answers to nearest whole dollar. o Event 1 Answer is not complete. General Journal Depreciation expense Accumulated depreciation-computer Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 8P: Kam Company purchased a machine on January 2, 2019, for 20,000. The machine had an expected life of...
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![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.
Required Information
[The following information applies to the questions displayed below.]
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $56,000. The computer was depreciated
using the straight-line method over an estimated five-year life with an estimated residual value of $11,000. 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
$2,000.
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.
No
1
Event
1
Answer is not complete.
General Journal
Depreciation expense
Accumulated depreciation-computer
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4abdd05c-6280-48f1-84fd-702fee1e9db7%2Fbfe38950-b849-40e5-9cf7-2a0bda9e827b%2Fxu67jbp_processed.png&w=3840&q=75)
Transcribed Image Text: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.
Required Information
[The following information applies to the questions displayed below.]
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $56,000. The computer was depreciated
using the straight-line method over an estimated five-year life with an estimated residual value of $11,000. 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
$2,000.
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.
No
1
Event
1
Answer is not complete.
General Journal
Depreciation expense
Accumulated depreciation-computer
Debit
Credit
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