Required informationExercise 11-23 (Algo) Change in estimate; useful life and residual value of equipment [LO11-2, 11-5]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 $54,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. 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 $3,600.

Exercise 11-23 (Algo) Part 2

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 Exercise 11-23 (Algo) Change in estimate; useful life and residual value of equipment [LO11-2, 11-5] [The following information applies to the questions displayed below] Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $54,000. The computer was depreciated using the straightline method over an estimated fiveyear life with an estimated residual value of $6,000. 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 $3,600, Exercise 11-23 (Algo) Part 2 2. Prepare the yearendjournal entry for depreciation on December 31, 2024. Assume that the company uses the doubledeclining balance method instead of the straight-line method. Note: If no entry is required for a transaction/event, select "Nojournal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar. 6 Answer is complete but not entirely correct. J 1 1 Depreciation expense 0 1,500 0 O Accumulated depreciationcomputer 1,500 6