E8-8 Determining Financial Statement Effects of Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2017, an asset account for the company showed the following balances: $ 120.000 57,600 Accumulated depreciation through 2016 During 2017, the following expenditures were incurred for the equipment: $1,000 13,000 Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency on January 2, 2017 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a.$12,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects (accounts, amounts, and t or -)of the following on the accounting equation.(Do not round your intermediate calculations.) 1. The adjustment for depreciation at the end of 2016 2. The two expenditures during 2017 Event/Date Assets the 1 2016 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $12,000 estimated residual value. The annual accounting period ends on December 31. Required: ndicate the effects (accounts, amounts, and or )of the following on the accounting equation.(Do not round your Intermedlate calculations.) 1. The adjustment for depreciation at the end of 2016. 2. The two expenditures during 2017 Assets Lia Stockholders Equity 12016 2a. 2017