Wardell Company purchased a mini computer on January 1, 2019, at a cost of $48,500. The...

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Wardell Company purchased a mini computer on January 1, 2019, at a cost of $48,500. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $5,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $900. Required: 1. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 <> Record the depreciation. 2. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate, assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet く 1 へ Record the depreciation. Wardell Company purchased a mini computer on January 1, 2019, at a cost of $48,500. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $5,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $900. Required: 1. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 <> Record the depreciation. 2. Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate, assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet く 1 へ Record the depreciation.

Answer rating: 100% (QA)

1 Cost of asset 48500 Residual value 5000 Estimated life 5 years Annual ... View the full answer