Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information (The following information applies to the questions displayed below.] Wardell Company purchased a mini computer on January 1, 2019, at a cost of
Required information (The following information applies to the questions displayed below.] Wardell Company purchased a mini computer on January 1, 2019, at a cost of $41,700. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,200. 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. Required: 1. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the depreciation. Note: Enter debits before credits. Event General Journal Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started