3. Prepare the adjusting entry at December 31, 2021, to record the depreciation of the manufacturing equipment, assuming no change in the estimated life or residual value of the equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record depreciation expense. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 8,625 Depreciation expense Accumulated depreciation, equipment 8,625 Record entry Clear entry View general Journal 4. Indicate the accounts affected and the amount of the effects of the journal entries you prepared for (1) to (3) on the accounting equation. (Enter any decreases to account balances with a minus sign.) Assets Liabilities + Shareholders' Equity Date Dec. 31, 2020 During 2021 + = + + Dec. 31, 2021 = + Stacey Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2021, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through 2020 $94,400 64,000 In early January 2021, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment $ 880 8,900 The equipment is being depreciated on a straight-line basis over an estimated life of 14 years, with a $4,800 estimated residual value. The company's fiscal year ends on December 31. Required: 1. Calculate the depreciation expense for the manufacturing equipment for 2020. Depreciation expense $ 7,300