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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
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