Required Information Exercise 11-23 (Static) Change in estimate; useful life and residual value of equipment...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Required Information Exercise 11-23 (Static) 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 maInframe on January 1, 2019, at a cost of $40,000. The computer was depreclated using the straight-Ine method over an estimated five-year life with an estimated residual value of $4,000. On January 1 , 2021, the estimate of useful Iffe was changed to a total of 10 years, and the estimate of residual value was changed to $900. Exercise 11-23 (Static) Part 2 2. Prepare the year-end journal entry for depreclation in 2021. Assume that the company uses the sum-of-the-years' -digits method nstead of the straight-Iine method. (If no entry Is requlred for a transaction/event, select "No journal entry requlred" In the filst account fleld. Do not round Intermedlate calculations. Round your final answers to nearest whole dollar.) Journal entry worksheet Note: Enter debits before credits
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
