Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please provide details :) exercise 11-22 change i

Please provide details :) Exercise 11-22 Change in estimate; useful life and residual value...

70.2K

Verified Solution

Question

Accounting

image

Please provide details :)

Exercise 11-22 Change in estimate; useful life and residual value of equipment [L011-2, 11-5 of equipment Lo1-2,1-5) Wardell Company purchased a minicomputer on January 1, 2016, at a cost of $57000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $6,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. Required: 1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year 2. Prepare the year-end journal entry for depreciation in 2018. Assume that the company uses the sum-of-the-years' -digits method instead of the straight-line method

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

what is the mechanism to get ornithine from glutamate-5-semialdehyde

Chemistry
Q

Which of the following options lists the events of protist evolution in the correct order,...

Biology
Q

Choose the sentence that is punctuated correctly.Thomas said, "That's good." I was worried we wouldn't...

Biology
Q

If the mean height of bonsai trees is 42 cm and 95 of the trees...

Basic Math
Q

This question 1 point s possible K A student receives test scores of 62 83...

Statistics
Q

r 1 sin 1 S 4 w 2 of 5 24 to 7 40 1...

Calculus
Q

Paul Gibbs compr un pub. El precio de compra fue de $695,000. Un tasador proporcion...

Accounting
Q

Net income $500,000. Declared and paid common stock dividends of $200,000. Declared but didn't pay...

Accounting
Q

2. Un restaurante de comida para llevar tiene 8 entradas y 3 guarniciones. Cuntas combinaciones...

Accounting
Q

Wha t is the AMT consequence when a taxpayer disposes of rental property? Therateraarrconsequence. O...

Accounting
Q

Compare and contrast the equity method, the initial value method, and the partial equity method...

Accounting
Q

show how to put in calculator for PV, FV,PMT, N, I/Y to get answer ...

Finance