At the end of the prior year ending on December 31, O'Connor Company's records reflected the following for Machine A: Cost when acquired $ 30,000 Accumulated depreciation 10,200 At the beginning of January of the current year, the machine was renovated at a cost of $15,500. As a result, the estimated life increased from five years to eight years, and the residual value increased from $4,500 to $6,500. 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. Give the adjusting entry at the end of the current year to record straight-line depreciation for the year.