At the end of the prior year ending on December 31 Year 1. O'Connor Company's records reflected the following for Machine A: Cost when acquired Accumulated depreciation $ 33,600 11,400 At the beginning of January of the current year, the machine was renovated at a cost of $17,300. As a result, the estimated life increased from five years to eight years, and the residual value increased from $5100 to $7,100. 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. Give 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. Required: Required 2 Required 3 Prepare the journal entry to record the renovation. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction lit Journal entry worksheet Record the cost of renovation for the machine. Note Enter debts before credits Date General Journal Debit Credit Journal entry worksheet Required: 1. Prepare the journal entry to record the renovation 2. How old was the machine at the end of the prior year? 3. Give 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. Required 1 Required 2 Required 3 How old was the machine at the end of the prior year? Age of machine years Journal entry worksheet Record the straight-line depreciation for the machinery on December 31st (year 3). Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal