Alpesh Wardell Company purchased a mini computer on January 1, 2022, at a cost of $47,650. The computer has been depreciatedusing the straight-line method over an estimated five-year useful life with an estimated residual value of $4,900. 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 $870.Assessment Tool iFrame1. 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 thecompany uses the sum-of-the-years'-digits method instead of the straight-line method.Required 1Required 2Prepare 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 ansto nearest whole dollar.View transaction listView journal entry worksheetNoEventGeneral Journal11Depreciation expenseAccumulated depreciationRequired 1Required 2>DebitCredit3,7103,710

Required 1: Adjusting Entry for Depreciation Expense using Straight-Line MethodWith the revised…

Answered: Wardell Company purchased a mini…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter9: Depreciation (deprec)

Section: Chapter Questions

Problem 4R: To test your formulas, assume the machine purchased had an estimated useful life of three years...

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Grandorf Company replaced the engine in a truck for 8,000 and expects the new engine will extend the life of the truck two years beyond the original estimated life. Related information is provided below. Cost of truck 65,000 Salvage value 5,000 Original estimated life 6 years The truck was purchased on January 1, 20-1. The engine was replaced on January 1, 20-6. Using straight-line depreciation, compute depreciation expense for 20-6.
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48,000 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 $1,200 Exercise 11-23 (Algo) Part 1 Required: 1. Prepare the year-end journal entry for depreciation on December 31, 2024 No depreciation was recorded during the year 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. No 1 Event 1 Answer is complete and correct. General Journal Depreciation expense Accumulated depreciation-computer Debit 3,600Ⓒ Credit 1600
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $57,000. 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, 2024, 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 on December 31, 2024. No depreciation was recorded during the year. Record depreciation expense for 2024. Event General Journal Debit Credit 1 Depreciation expense 4,425 Accumulated depreciation—computer 4,425 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. Event General Journal Debit Credit 1 Depreciation…
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $57,000. 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, 2024, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,200. 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.
Wardell Company purchased a minicomputer on January 1, 2014, at a cost of $40,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $4,000. On January 1, 2016, 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 2016 to reflect the revised estimate. 2. Repeat requirement 1 assuming that the company uses the sum-of-the-years’-digits method instead of the straight-line method.
Wardell Company purchased a minicomputer on January 1, 2022, at a cost of $48.000 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 $1,200 Exercise 11-23 (Algo) Part 2 2. Prepare the year-end journal entry for depreciation on December 31, 2024. Assume that the company uses the double-decline balance method instead of the straight-line method. Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollar. View transaction list Journal entry worksheet 1 Record depreciation expense for 2024,
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 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. Required 2 View transaction list…
Wardell Company purchased a minicomputer on January 1, 2019, at a cost of $40,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $4,000. 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 year-end journal entry for depreciation in 2021. No depreciation was recorded during the year.2. Repeat requirement 1 assuming that the company uses the sum-of-the-years’-digits method instead of the straight-line method.
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mini computer on January 1, 2019, at a cost of $34,050. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $3,300. 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 $910. 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 View journal entry worksheet 1 Record the depreciation. X Debit 3,758 Credit 3,758
Wardell Company purchased a mini computer on January 1, 2022, at a cost of $41,700. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,200. 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, assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method. Note: If no entry is required for a transaction/event, select "No journal entry…
Wardell Company purchased a mini computer on January 1, 2014, 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, 2016, 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 2016 to reflect the revised estimate. 2. Repeat requirement 1 assuming that the company uses the sum-of-the-years’-digits method instead of the straight-line method.
Wardell Company purchased a minicomputer on January 1, 2013, at a cost of $50,000. The computer was depreciated using the straight-line method over an estimated seven-year life with an estimated residual value of $4,000. On January 1, 2016, the estimate of useful life was changed to a total of 11 years, and the estimate of residual value was changed to $800. Question Journal entries to record depreciation for 2016 would include: Debit to Depreciation Expense - Computers of $7,143 Credit to Accumulated Depreciation - Computers of $3,686 Debit to Accumulated Depreciation - Computers of $6,571 Debit to Depreciation Expense - Computers of $4,707

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