E9.5 (Algo) Determining Financlal Statement Effects of Stralght-LIne Depreclation and Repalrs [LO 9-2, LO 9-3] Wiater Compony operates a small monufacturing facility. On January 1, 2021, an asset occount for the company showed the following bolances: Equipment Accunulated Depreciation (beginning of the year) 22e,eg191,50g During the first week of Janusry 2021, the following cosh expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipnent that improved efficiency $2,55E 31 , eae The equipment is being depreciated on a straight-line bosis over an estimated life of 20 yeors with a $17,000 estimated residual value. The annual accounting period ends on December 31 . Required: 1. Prepore the adjusting journal entry that would hove 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. Prepore the journal entries to record the two expenditures for repoirs 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