5 E9-5 (Algo) Determining Financial Statement Effects of Straight-Line Depreciation and Repairs (LO 9-2, LO 9-3] 071 pot Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showed the following balances 111 PBOOK Equipment Accumulated Depreciation (heginning of the year) During the first week of January 2021, the following cash expenditures were cuned for repairs and maintenance Routine maintenance and repairs on the eigent Hajor overhaul of the equipment that improved efficiency The equipment is being depreciated on a straight-line basis ver an estimated fe of 15 years with a $26,000 estimated residual value The annual accounting period ends on December 31 Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2021 what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021 Complete this question by entering your answers in the tabs below. Check my work