On April 1, 2022, the KB Toy Company purchased equipment to be used in its manufacturing process. The equipment cost $59,200, has an eight-year useful life, and has no residual value. The company uses the straight-line depreciation method for all manufacturing equipment. On January 4, 2024, $16,150 was spent to repair the equipment and to add a feature that increased its operating efficiency. Of the total expenditure, $3,000 represented ordinary repairs and annual maintenance and $13,150 represented the cost of the new feature. In addition to increasing operating efficiency, the total useful life of the equipment was extended to 10 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