On April 1, 2022, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $54,200, has an ten-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January 4, 2024, $13,850 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $2,600 represented ordinary repairs and annual maintenance and $11,250 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 12 years. Required: 1. Prepare journal entries for the depreciation for 2022 and 2023. 2. Prepare journal entry for the 2024 expenditure. [Any capitalized amounts are recorded using Alternative 2-capitalization of new cost). 3. Prepare journal entry for the depreciation for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries for the depreciation for 2022 and 2023. Note: 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 1 2