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Wardell Company purchased a mainframe on January 1, 2016, at a cost of $56,000. The...

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Accounting

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Wardell Company purchased a mainframe on January 1, 2016, at a cost of $56,000. The computer was depreciated using the straight line method over an estimated five-year life with an estimated residual value of $11,000. 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 $2,000 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. Complete this question by entering your answers in the tabs below Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first a t field No 4,500 Required 2 Next >

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