Wardell Company purchased a mini computer on January 1, 2022, at a cost of $40,000. The...

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Wardell Company purchased a mini computer on January 1, 2022, at a cost of $40,000. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,000. 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 $900. Required: 1. Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate. 2. Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate, assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method. Required 1 Required 2 Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate. 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. View transaction list Journal entry worksheet 1 Record the depreciation. Note: Enter debits before credits. Event 1 General Journal Debit Credit > Wardell Company purchased a mini computer on January 1, 2022, at a cost of $40,000. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,000. 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 $900. Required: 1. Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate. 2. Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate, assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method. Required 1 Required 2 Prepare the appropriate adjusting entry for depreciation in 2024 to reflect the revised estimate. 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. View transaction list Journal entry worksheet 1 Record the depreciation. Note: Enter debits before credits. Event 1 General Journal Debit Credit >

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Wardell Company Revised Depreciation Entry StraightLine Scenario Wardell Company revises the estimat... View the full answer