On January 1, 20X1, Aurora Corp. purchased equipment for $120,000 cash. The equipment has a useful life of 8 years and no residual value. Calculate the depreciation expense for the year 20X1 using the straight-line method.

Additionally, Aurora Corp. made the following transactions during 20X1:

• March 1: Paid $8,000 for equipment repairs.
• May 1: Purchased additional equipment parts for $10,000.

Required:

• Calculate the total depreciation expense for the year 20X1.
• Prepare journal entries for the equipment-related transactions.