Calculate the amount of depreciation to report during the year ended December 31 for equipment that was purchased at a cost of $96,000 on October 1. The equipment has an estimated residual value of $6,000 and an estimated useful life of five years or 20,000 hours Assume the equipment was used for 1,000 hours from October 1 to December 31 and the company uses (m) straight-line. (b) double declining-balance, or (a units-of-production depreciation (Do not round intermediate calculations.) Depreciation (a) Straight- (b) Double Declining Balance (c) Units of Production Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances Equipment Noeunulated depreciation (beginning of the year) 5375,000 250, 750 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance Routine maintenance and repairs on the equipment Mayor overhaul of the equipment that improved et latency The equipment is being deprecated on a straight-e basis over an estimated life of 20 years with a $30,000 ottimoted residual value. The annual accounting period ends on December 31 Required: Prepare the dating Journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2018, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018 mework Saved View transaction list Journal entry worksheet Gtv @ S C G Search or type URL mework Seved The equipment is bbing depreciated on a straight-line basis over an estimated life of 20 years with a $30,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2018, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Starting at the beginning of 2018, what is the remaining estimated life? Remaining Estimated Life years Conn. Ion Tuscaloosa RioLearn Netflix M Inbox - shereb. Fashion Fundame. 05 Login - CAS-Con Homework Seved View transaction list Journal entry worksheet B Record the expenditure for ordinary repairs incurred. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 3 etv 9 N. C G Search or type URL & atv P G Search or type URL %