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Wardell Company purchased a minicomputer on January $1,2022,$ at a cost of $$56,000.$ The computer was depreciated using the straight$-$line method over an estimated five$-$year life with an estimated residual value of $$8,000.$ 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 $$2,000.$

Required:

$1.$ 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.!

Required information

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

Wardell Company purchased a minicomputer on January $1,2022,$ at a cost of $$56,000.$ The computer was depreciated

using the straight$-$line method over an estimated five$-$year life with an estimated residual value of $$8,000.$ On January $1,$

$2024,$ the estimate of useful life was changed to a tota of $10$ years, and the estimate of residual value was changed to

$$2,000.$

Prepale the year$-$end journal entry for depreciation on December $31\mathrm{.}2024.$ Assume that the company uses the double$-$tecining$-$

balance method instead of the straight$-$line method.

Note: If no entry is required for a transaction$/$event$,$ select $"$No joumal entry required" in the first account field. Do not round

intermediate calculations, Round your final answers to nearest whole dollar.

Journal entry worksheet

Record depreciation expense for $2024.$

Nole: Fater ilebits before cred ts$.$