Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset account for the company showed the following balances: Manufacturing equipment $ 350,000 Accumulated depreciation through 2015 132,000 During 2016, the following expenditures were incurred for the equipment: Routine maintenance and repairs on the equipment $ 5,000 Major overhaul of the equipment that improved efficiency on January 2, 2016 42,000 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $20,000 estimated residual value. The annual accounting period ends on December 31. 4. value: 3.00 points Required information 3. Give the journal entries to record the two expenditures during 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset account for the company showed the following balances: Manufacturing equipment $ 350,000 Accumulated depreciation through 2015 132,000 During 2016, the following expenditures were incurred for the equipment: Routine maintenance and repairs on the equipment $ 5,000 Major overhaul of the equipment that improved efficiency on January 2, 2016 42,000 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $20,000 estimated residual value. The annual accounting period ends on December 31. 4. value: 3.00 points Required information 3. Give the journal entries to record the two expenditures during 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset account for the company showed the following balances: Manufacturing equipment $ 350,000 Accumulated depreciation through 2015 132,000 During 2016, the following expenditures were incurred for the equipment: Routine maintenance and repairs on the equipment $ 5,000 Major overhaul of the equipment that improved efficiency on January 2, 2016 42,000 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $20,000 estimated residual value. The annual accounting period ends on December 31. 4. value: 3.00 points Required information 3. Give the journal entries to record the two expenditures during 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2016, an asset account for the company showed the following balances: Manufacturing equipment $ 350,000 Accumulated depreciation through 2015 132,000 During 2016, the following expenditures were incurred for the equipment: Routine maintenance and repairs on the equipment $ 5,000 Major overhaul of the equipment that improved efficiency on January 2, 2016 42,000 The equipment is being depreciated on a straight-line basis over an estimated life of 10 years with a $20,000 estimated residual value. The annual accounting period ends on December 31. 4. value: 3.00 points Required information 3. Give the journal entries to record the two expenditures during 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)