3 At the end of the prior year ending on December 31, O'Connor Company's records reflected the following for Machine A: 2 points Cost when acquired Accumulated depreciation $ 34,200 11,600 eBook Print References At the beginning of January of the current year, the machine was renovated at a cost of $17,600. As a result, the estimated life increased from five years to eight years, and the residual value increased from $5,200 to $7,200. The company uses straight-lin depreciation. Required: 1. Prepare the journal entry to record the renovation. 2. How old was the machine at the end of the prior year? 3. Prepare the adjusting entry at the end of the current year to record straight-line depreciation for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entry to record the renovation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View transaction list Journal entry worksheet < 1 Record the cost of renovation for the machine. Note: Enter debits before credits. Date January 01 General Journal Debit Credit Record entry Clear entry View general journal > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 How old was the machine at the end of the prior year? Age of machine years < Required 1 Required 3 > Journal entry worksheet > 1 Record the straight-line depreciation for the machinery on December 31st of current year. Note: Enter debits before credits. Date December 31 General Journal Debit Credit View general journal Record entry Clear entry