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 $ 31,800 1e, see At the beginning of January of the current year, the machine was renovated at a cost of $16,400. As a result, the estimated life Increased from five years to elght years, and the residual value Increased from $4,800 to $6,800. 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 1 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 list Journal entry worksheet Record the cost of renovation for the machine. Note: Enter debits before credits. Date General Journal Debit Credit January 01