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Wiater Company operates a small manufacturing facility. On January 1, 2020, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through 2019 $225,000 123,000 During the first week of January 2020, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 3,150 34,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $36,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Using the following format, Indicate the effects (accounts and amounts) of the 2020 adjustment for depreciation of the manufacturing equipment, assuming no change in the estimated life or residual value. (Enter any decreases with a minus sign.) Date Assets Liabilities Shareholder's Equity 2020 2. Prepare the adjusting entry that should be made at the end of 2020 for depreciation. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the depreciation for 2020. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2020 Record entry Clear entry View general journal