Check my work Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $160,000 100,000 eBook During the first week of January 2018, the following cash expenditures were incurred for repairs and maintenance: Hint Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 1,850 24,000 Print The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $10,000 estimated residual value. The annual accounting period ends on December 31. References 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 Stockholders' Equity with a minus sign. Do not round intermediate calculations.) 1. The adjustment for depreciation made last year at the end of 2017 2. The two expenditures for repairs and maintenance during January 2018. Liabilities Item Assets 2017 Accumulated Depreciation 2018 Stockholders' Equity Depreciation Expense 82,777 18,277