E9-5 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, 2015, an asset account for the company showed the following balances Equipment Accumulated Depreciation (beginning of year) $310,000 141,000 During the first week of January 2015, the following expenditures were incurred for repairs and maintenance Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 3,650 42,000 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $28,000 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 2014 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.) View transaction list Journal entry worksheet Record the adjusting entry for depreciation expense at year-end 2014 Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal