Required information

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 $$46,000.$ The computer was depreciated

using the straight$-$line method over an estimated five$-$year life with an estimated residual value of $$7,000.$ 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

$$1,000.$

Exercise $11-23($Algo$)$ 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 final

answers to nearest whole dollar.