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Exercise 11-23(Static) Change in estimate; useful life and residual value of equipment [L011-2,11-5] ...

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Accounting

Exercise 11-23(Static) Change in estimate; useful life and residual value of equipment [L011-2,11-5]
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Wardell Company purchased a minicomputer on January 1,2022, 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 1,2024, 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:
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 fina answers to nearest whole dollar.
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