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(The following information applies to the questions displayed below.) Wardell Company purchased a mainframe on January 1, 2019, at a cost of $40,000. The computer
(The following information applies to the questions displayed below.) Wardell Company purchased a mainframe on January 1, 2019, at a cost of $40,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $4,000. 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. Exercise 11-23 (Static) Part 1 Required: 1. Prepare the year-end journal entry for depreciation in 2021. No depreciation was recorded during the year. (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.) No Event Answer is complete but not entirely correct. General Journal Depreciation expense Accumulated depreciation computer Credit Debit 3,889 1 1 OO 3,889
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