1. Prepare journal entries for the depreciation for 2022 and 2023. 2. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new cost]. 3. Prepare journal entry for the depreciation for 2024. Complete this question by entering your answers in the tabs below. Prepare journal entries for the depreciation for 2022 and 2023. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new co Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Prepare journal entry for the depreciation for 2024 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet On April 1, 2022, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $59,200, has an eight-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January 4,2024,$16,150 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $3,000 represented ordinary repairs and annual maintenance and $13,150 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 years. Required: 1. Prepare journal entries for the depreciation for 2022 and 2023. 2. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new cost]. 3. Prepare journal entry for the depreciation for 2024. 1. Prepare journal entries for the depreciation for 2022 and 2023. 2. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new cost]. 3. Prepare journal entry for the depreciation for 2024. Complete this question by entering your answers in the tabs below. Prepare journal entries for the depreciation for 2022 and 2023. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new co Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Prepare journal entry for the depreciation for 2024 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet On April 1, 2022, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $59,200, has an eight-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January 4,2024,$16,150 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $3,000 represented ordinary repairs and annual maintenance and $13,150 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 years. Required: 1. Prepare journal entries for the depreciation for 2022 and 2023. 2. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new cost]. 3. Prepare journal entry for the depreciation for 2024