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 $58,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $10,000. 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 $2,200. 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 or a transaction/event, select "No journal entry required" in the first account field. Round your final answer to nearest whole tollar.) 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.) 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 $58,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $10,000. 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 $2,200. 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 or a transaction/event, select "No journal entry required" in the first account field. Round your final answer to nearest whole tollar.) 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.)