Martinez Company owns a building that appears on its prior year-end balance sheet at its original $580,000 cost less $435,000 accumulated depreciation. The building is depreciated on a straight-line basis assuming a 20-year life and no salvage value. During the first week in January of the current calendar year, major structural repairs are completed on the building at a $58,000 cost. The repairs extend its useful life for 5 years beyond the 20 years originally estimated. 1. Dtemine the build els age) as of the prior yedbsee ate e of the building years 2. Prepare the entry to record the cost of the structural repairs that are paid in cash. view transaction list view general journal Journal Entry Worksheet Record the $58,000 cost of the structural repairs that are paid in cash. Transaction General Journal Debit Credit Enter debits before credits done clear entry record entry