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Required information

Exercise $11-23($Algo$)$ Change in estimate; useful life and residual value of equipment $[$LO$11-2,11-5]$

$[$The following information applies to the questions displayed below.$]$

Wardell Company purchased a minicomputer on January $1,2022,$ at a cost of $$45,000.$ The computer was depreciated using the straight$-$line method over an estimated five$-$year life with an estimated residual value of $$3,000.$ 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 $$1,800.$

Exercise $11-23($Algo$)$ Part $2$

$2.$ Prepare the year$-$end journal entry for depreciation on December $31,2024.$ Assume that the company uses the double$-$decliningbalance method instead of the straight$-$line method.