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Exercise $11-23($Algo$)$ Change in estimate; useful life and residual value of equipment $[$LO$11-2,11-5]$

$[$The following information applies to the questions displayed below.$]$

Wardell Company purchased a minicomputer on January $1,2022,$ at a cost of $$58,000.$ The computer was

depreciated using the straight$-$line method over an estimated five$-$year life with an estimated residual value of

$$16,000.$ 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 $$2,200.$

Exercise $11-23($Algo$)$ Part $2$

Prepare the year$-$end journal entry for depreciation on December $31,2024.$ Assume that the company uses the double$-$declining$-$

balance 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.

Journal entry worksheet

Record depreciation expense for $2024.$

Note: Enter debits before credits.