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( Required information Exercise 11-23(Algo) Change in estimate; useful life and residual value...

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Accounting

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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 $66,000. 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 $1,200.
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-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.
\table[[,No,Event,General Journal,Debit,Credit],[,1,1,,4,350,],[,,,,,]]
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