Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Required information
Skip to question
[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 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.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting

Authors: M.Y. Khan, P.K. Jain

2nd Edition

9339203445, 9789339203443

More Books

Students also viewed these Accounting questions

Question

what is python

Answered: 1 week ago