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Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showed the following balances: Equipment $ 375,000 Accumulated Depreciation (beginning of the year) 258,750 During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment $ 3,850 Major overhaul of the equipment that improved efficiency 44,000 The equipment is being depreciated on a straightline basis over an estimated life of 20 years with a $30,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects (accounts, amounts, and + for increase and - for decrease) of the following two items on the accounting equation, using the headings shown below. (Enter any decreases to Assets, Liabilities or Stockholder's Equity with a minus sign.) 1. The adjustment for depreciation made last year at the end of 2020. 2. The two expenditures for repairs and maintenance during January 2021. Item Assets Liabilities 2020 2021 Sushi Corporation bought a machine at the beginning of the year at a cost of $31,000. The estimated useful life was five years and the residual value was $3,000. Required: 1. Complete a depreciation schedule for the straight-line method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Requiredi Required 2 Complete a depreciation schedule for the straight-line method. Year Income Statement Depreciation Expense Balance Shoot Accumulated Depreciation Cost Book Value At acquisition Sushi Corporation bought a machine at the beginning of the year at a cost of $31,000. The estimated useful life was five years and the residual value was $3,000. Required: 1. Complete a depreciation schedule for the straight-line method. 2. Prepare the journal entry to record Year 2 depreciation. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record Year 2 depreciation. (If no entry is required for a transaction/event, selec Required" in the first account field.) View transaction list Journal entry worksheet > Record the adjusting entry for depreciation expense for Year 2