Marigold Service Ltd. uses straight-line depreciation. The company's fiscal year end is December 31 . The following transactions and events occurred during their first three years of operations: 2023 July 1 Purchased equipment for $72,000 cash, with shipping costs of $4,800. Nov. 3 Incurred ordinary repairs on a computer of $1,120. Dec. 31 Recorded 2023 depreciation on the equipment based on a four-year life and estimated residual value of $800. 2024 Dec. 31 Recorded 2024 depreciation. 2025 Jan. 1 Paid $4,000 for a major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipment. Prepare journal entries to record the above events. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)