1 3 points eBook Hint Print References Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showed the following balances: Equipment $ 230,000 108,000 Accumulated Depreciation (beginning of the year) During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $14,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects (accounts, amounts, and + for increase and for decrease) of the following two items on the accounting equation, using the headings shown below. (Enter any decreases to Assets, Liabilities or Stockholder's Equity with a minus sign.) 1. The adjustment for depreciation made last year at the end of 2020. 2. The two expenditures for repairs and maintenance during January 2021. Item 2020 2021 2021 Assets $2,250 28,000 = = Liabilities + + Check my work + Stockholders' Equit

Wiater Company operates a small manufacturing facility. On January 1,2021 an asset account for the company showed the following balances: Equipenent $230, eed Equipeent: Accurulated pepreciation (eeginning of the yeur) During the firt week of January 2021 , the following cash expenditures were incurred for tepairs and maintenance? Routine saintenance and repalrs on the equipsent 52,25021,000 Major overhail of the equibent that inproved efficiency 21,000 The equipment is being depreciated on e straightaline bosis ovet an estimated tife of 20 yeart with a $14.000 estimated iesidual value: The annual accounting period ends on Decombet 31 Fequired: Indicate the effects (accounts, amounts, and + for increase and - for decrease) of the following two items on the accounting equation. using the headings shown below. (Enter any decreases to Assets, Liabilities or Stocluholder's Equity with a minus aign.) 1. The adjustment for depreciotion made last year at the end of 2020 2. The two expenditures for repairs ard maintenance duting January 2021 Wiater Company operates a small manutacturing facility. On January 1, 2021, an asset account for the company showed the following balances: Equipoent 5. 230,000 108,000 Duning the first week of January 2021, the following cash expenditures were incurred for tepairs and maintenance: Boutine alintenance and repairs on the equipeent 52,250 Mojor overhaul of the equiphent that improved effiriency 28,000 The equipment is being deprecioted on a straight-line basis over an estimated life of 20 years with a 514,000 estimated residual value The annuol accounting period ends on December 31 Required: Required: Indicate the effects (accounts, amounts, and + for increase and - for decrease) of the following fwo items on the accounting equation, using the headings shown below. (Enter any decreases to Assets, Liabilities or Stockholder's Equity with a minus sign.) 1. The adjustment for depreciation made last year at the end of 2020 2. The two expenditures for repairs and maintenance during January 2021