5 Exercise 20-17 Change in estimate; useful life and residual value of equipment [LO20-4] Wardell Company purchased a mini computer on January 12014, at a cost of $45.950. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,700. On January 1, 2016, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $850 Required: 1. Prepare the appropriate adjusting entry for depreciation in 2016 to reflect the revised estimate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit Depreciation expense 2. Prepare the appropriate adjusting entry for depreciation in 2016 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. No Event General Journal Debit Credit