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 $\backslash (\backslash$$ $53,000\backslash ).$ The computer was depreciated using the straight$-$line method over an estimated five$-$year life with an estimated residual value of $\backslash (\backslash$$ $5,000\backslash ).$ 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 $\backslash (\backslash$$ $800\backslash ).$ Exercise $11-23($Algo$)$ Part $1$ Required: $.$ Prepare the year$-$end journal entry for depreciation on December $31,2024.$ No depreciation was recorded during the year. Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your final answers to nearest whole dollar.Required information Exercise $11-23($Algo$)$ Change in estimate; useful life and residual value of equipment $[$LO$11-2,11-5][$The following information applies to the questions displayed below.$]$ Wardell Company purchased a minicomputer on January $1,2022,$ at a cost of $\backslash (\backslash$$ $53,000\backslash ).$ The computer was depreciated using the straight$-$line method over an estimated five$-$year life with an estimated residual value of $\backslash (\backslash$$ $5,000\backslash ).$ On January $1,2024,$ the estimate of useful life was changed to a total of $10$ years, and the estimate of residual value was changed to $\backslash (\backslash$$ $800\backslash ).$ Exercise $11-23($Algo$)$ Part $22.$ Prepare the year$-$end journal entry for depreciation on December $31,2024.$ Assume that the company uses the double$-$decliningpalance 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.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 $$52,000.$ 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

$$1,600.$

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

$1$

Record depreciation expense for $2024.$

Note: Enter debits before credits.