Required information

Exercise $11-23($Static$)$ Change in estimate; useful life and residual value of equipment $[$L$011-2,11-5]$

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

Wardell Company purchased a minicomputer on January $1,2022,$ at a cost of $$40,000.$ The computer was

depreciated using the straight$-$line method over an estimated five$-$year life with an estimated residual value

of $$4,000.$ 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 $$900.$

Exercise $11-23($Static$)$ 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 final answers to nearest whole dollar.

Answer is complete but not entirely correct.