On January 1, 20X1, Iota Corporation purchased equipment for $100,000 cash. The equipment has an estimated useful life of 10 years and no residual value. Using the straight-line method, calculate the depreciation expense for the year 20X1.

Additionally, Iota Corporation made the following transactions during 20X1:

• February 15: Iota Corporation incurred $5,000 in equipment repairs to ensure proper functioning.
• April 1: Iota Corporation purchased additional equipment parts for $10,000.
• September 1: Iota Corporation paid $2,000 for equipment maintenance services.

Furthermore, Iota Corporation provided the following information regarding its financial statements for the year 20X1:

• January 1: Equipment purchase for $100,000
• February 15: Equipment repairs for $5,000
• April 1: Equipment parts purchase for $10,000
• September 1: Maintenance services for $2,000

Required:

• Calculate the total depreciation expense for the year 20X1 for the equipment.
• Prepare the journal entries to record the equipment-related transactions for Iota Corporation during the year 20X1.