At the beginning of January of the current year, the machine was renovated at a cost of $18,200. As a result, the estimated life increased from five years to eight years, and the residual value increased from $5,400 to $7,400. The company uses straight-line 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. 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. At the beginning of January of the current year, the machine was renovated at a cost of $18,200. As a result, the estimated life increased from five years to eight years, and the residual value increased from $5,400 to $7,400. The company uses straight-line 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. How old was the machine at the end of the prior year? At the beginning of January of the current year, the machine was renovated at a cost of $18,200. As a result, the estimated life increased from five years to eight years, and the residual value increased from $5,400 to $7,400. The company uses straight-line 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. Prepare the adjusting entry at the end of the current year to record straight-line depreciation for the year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the straight-line depreciation for the machinery on December 31st of current year. Note: Enter debits before credits