Check my work 1 Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $ 375,000 258,750 3 points During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: 8 04:16:36 Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 3,850 44,000 eBook The equipment is being 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. Hint Print Required: Indicate the effects (accounts, amounts, and + for increase and - for decrease) of the following two items on the accounting equation, using the headings shown below. (Enter any decreases to Assets, Liabilities or Stockholder's Equity with a minus sign.) References 1. The adjustment for depreciation made last year at the end of 2020. 2. The two expenditures for repairs and maintenance during January 2021. Item Liabilities + Stockholders' Equity 2020 Assets Accumulated Depreciation Equipment Cash 2021 + 2021 Equipment +