O'Connor Company ordered a machine on January 1 at a purchase price of $40,000. On the date of delivery, January 2, the company paid $10,000 on the machine and signed a long-term note payable for the balance. On January 3, it paid $350 for freight on the machine. On January 5, O'Connor paid cash for installation costs relating to the machine amounting to $2,400. On December 31 (the end of the accounting period), O'Connor recorded depreciation on the machine using the straight-line method with an estimated useful life of 10 years and an estimated residual value of $4,750.

Required:

1. Give the adjusting journal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment.
2. Starting at the beginning of 2021, what is the remaining estimated life?
3. Give the journal entries to record the two expenditures for repairs and maintenance during 2021.