At the beginning of January of the current year, the machine was renovated at a cost of $12,500. As a result, the estimated life increased from five years to eight years, and the residual value increased from $3,500 to $5,500. 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. Journal entry worksheet Record the cost of renovation for the machine. Note: Enter debits before credits. How old was the machine at the end of the prior year? Journal entry worksheet Record the straight-line depreciation for the machinery on December 31 st of current year. Note: Enter debits before credits