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 faciifty. On January 1,2021, an asset account for the company showed the following balances: Equipment 4. 231 , e Accumulated Depreciation (beginning of the year) 109,500 During the first week of January 2021 , the following cash expenditures were incurred for repairs and maintenance: Aovt ine traintenance and repairs on the equipenent 52,050 Mojor overhaul of the equipnent that improved efficiency 26 , The equipment is being depreciated on a straight-ine basis over an estimated life of 20 years with a $12,000 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 ife? 3. Prepare the journal entries to record the two expenditures for repais and maintenance during 2021. Complete this question by entering your answers in the tabs below. Prepare the abjusting journal ontry that would have been mado at the end of 2020 for depreciation on the manufacturing equipment. (Do not round intermpdiate calculations. If no cntry is mequifed for a bansaction/event, seliect "No Journal Entry ifequired" in the first accourt fiela: > 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 faciifty. On January 1,2021, an asset account for the company showed the following balances: Equipment 4. 231 , e Accumulated Depreciation (beginning of the year) 109,500 During the first week of January 2021 , the following cash expenditures were incurred for repairs and maintenance: Aovt ine traintenance and repairs on the equipenent 52,050 Mojor overhaul of the equipnent that improved efficiency 26 , The equipment is being depreciated on a straight-ine basis over an estimated life of 20 years with a $12,000 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 ife? 3. Prepare the journal entries to record the two expenditures for repais and maintenance during 2021. Complete this question by entering your answers in the tabs below. Prepare the abjusting journal ontry that would have been mado at the end of 2020 for depreciation on the manufacturing equipment. (Do not round intermpdiate calculations. If no cntry is mequifed for a bansaction/event, seliect "No Journal Entry ifequired" in the first accourt fiela: >
