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 $55,000. 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 $2,800. 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.)