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Required information Skip to question [ The following information applies to the questions displayed below. ] Wardell Company purchased a minicomputer on January 1 ,

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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.
2. Prepare the year-end journal entry for depreciation on December 31,2024. Assume that the company uses the double-declining-balance method instead of the straight-line method.
Note: 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
[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 Janyary 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.
Prepare the yearend journal entry for depreciation on December 31,2024. Assume that the company uses the double-declining-
balance method instead of the straight-line method.
Note: 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.
Answer is complete but not entirely correct.
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