Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $51,000. The...
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Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $51,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $3,000. 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 $600.
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.
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