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Prepare the appropriate adjusting entry for depreciation

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Question - Wardell Company purchased a mini computer on January 1, 2019, at a cost of $46,800. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $4,800. 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 $600.

Required - Prepare the appropriate adjusting entry for depreciation in 2021 to reflect the revised estimate, assuming that the company uses the sum-of-the-years'-digits method instead of the straight-line method.

Reference no: EM133174053

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