Required information Exercise 11-23 (Algo) Change in estimate; useful life and residual value of equipment (LO11-2, 11-5) [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, 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, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $400. Exercise 11-23 (Algo) Part 1 Required: 1. Prepare the year-end journal entry for depreciation in 2021. No depreciation was recorded during the year. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your final answer to nearest whole dollar.) View transaction list Journal entry worksheet Record depreciation expense for 2021. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Exercise 11-23 (Algo) Part 2 2. Prepare the year-end journal entry for depreciation in 2021. Assume 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. Do not round intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet Record depreciation expense for 2021. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal