11 Part 1 of 3 1 Madison Building Products, Inc. conducts regularly scheduled maintenance of its machinery and equipment every Friday afternoon. The cost of maintenance for the current year amounted to $346,000. The regular maintenance revealed the need to conduct a major overhaul on one of Madison's older pieces of equipment. (Click the icon to view additional information.) Requirement Prepare the journal entry (entries) required to record the above transactions. Assume Madison paid for all expenditures in cash. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the cost of maintenance for the current year amounted to $346,000. Account Current Year