Required information [The following information applies to the questions displayed below.] Wardell Company purchased a minicomputer...
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Required information [The following information applies to the questions displayed below.] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $50,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $5,000. 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 $1,400. 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. View transaction list Journal entry worksheet 1 Record depreciation expense for 2024. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $50,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $5,000. 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 $1,400. 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. View transaction list Journal entry worksheet 1 Record depreciation expense for 2024. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal
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Answer rating: 100% (QA)
Depreciation Expense can be computed as Cost Residual Value Useful Life Su... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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