Wardell company purchased a minicomputer on January 1, 2022 at a cost of 44,000. 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 800:

Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $44,000. 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 5800. Exercise 11-23 (Algo) Part 1 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. Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $44,000. 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 Ife was changed to a total of 10 years, and the estimate of residual value was changed to $800. Exercise 11-23 (Algo) Part 2 2. Prepare the yeaf-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-decliningbalance 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