Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through 2019 $ 120,000 57,600 During 2020, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2, 2020, that improved efficiency Routine maintenance and repairs on the equipment $ 13,000 1,000 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: 1. Prepare the adjusting entry that was made at the end of 2019 for depreciation on the manufacturing equipment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) (Do not round your intermediate calculations.) View transaction list Journal entry worksheet A > Record the adjusting entry for depreciation on the manufacturing equipment during 2019. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal [The following information applies to the questions displayed below.) Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through 2019 $ 120,000 57,600 During 2020, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2, 2020, that improved efficiency Routine maintenance and repairs on the equipment $ 13,000 1,000 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. 2. Starting at the beginning of 2020, what is the remaining estimated life? Remaining life years Journal entry worksheet