Required information Exercise 11-23 (Static) 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 $900. Exercise 11-23 (Static) 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 answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 > Record depreciation expense for 2021. Note: Enter debits before credits. General Journal Debit Credit Event 1 ! Required information Exercise 11-23 (Static) 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 $900. Exercise 11-23 (Static) 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 1 > Record depreciation expense for 2021. Note: Enter debits before credits. General Journal Debit Credit Event 1