E9-5 (Algo) Determining Financial Statement Effects of Straight-Line Depreciation and Repairs [LO 9-2, LO 9-3] Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showed the following balances: EquipmentAccumulatedDepreciation(beginningoftheyear)$344,000212,000 During the first week of January 2021 , the following cash expenditures were incurred for repairs and maintenance: RoutinemaintenanceandrepairsontheequipmentMajoroverhauloftheequipmentthatimprovedefficiency$,55041,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $26,000 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 2020 for depreciation on the manufacturing equipment. 2. Starting at the beginning of 2021 , what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021. Complete this question by entering your answers in the tabs below. Prepare the adjusting journal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the adjusting entry for depreciation expense at year-end 2020. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Starting at the beginning of 2021 , what is the remaining estimated life? Complete this question by entering your answers in the tabs below. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the expenditure for ordinary repairs incurred. Note: Enter debits before credits