Required information

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

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Wardell Company purchased a minicomputer on January $1,2022,$ at a cost of $$66,000.$ The computer was depreciated using the straight$-$line method over an estimated five$-$year life with an estimated residual value of $$6,000.$ 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 $$1,200.$

Exercise $11-23($Algo$)$ Part $1$

Required:

Prepare the year$-$end journal entry for depreciation on December $31,2024.$ No depreciation was recorded during the year. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your fir answers to nearest whole dollar.

Journal entry worksheet

$1$

Record depreciation expense for $2024.$