Wardell Company purchased a mini computer on January 1, 2022, at a cost of $47,650. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,900. 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 $870. Assessment Tool iFrame 1. Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate. 2. Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate, assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method. Required 1 Required 2 Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final ans to nearest whole dollar. View transaction list View journal entry worksheet No Event General Journal 1 1 Depreciation expense Accumulated depreciation Required 1 Required 2 > Debit Credit 3,710 3,710

Wardell Company purchased a mini computer on January 1, 2022, at a cost of $47,650. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,900. 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 $870. Assessment Tool iFrame 1. Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate. 2. Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate, assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method. Required 1 Required 2 Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final ans to nearest whole dollar. View transaction list View journal entry worksheet No Event General Journal 1 1 Depreciation expense Accumulated depreciation Required 1 Required 2 > Debit Credit 3,710 3,710

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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