A company purchased a heating system on January 2, 2000 for $250,000. The system had an estimated useful life of 15 years. On January 3, 2013, the company completes a renovation of the system that cost of $35,000 and now expects the system to be more efficient to last eight years beyond the original estimate. The company uses the straight-line method of depreciation.

a: prepare the journal entry at January 3, 2013 to record the renovation of the heating system.

b: prepare the journal entry at December 31, 2013, to record the depreciation for 2013.