On January 1, 20X1, Omicron Corporation purchased equipment for $120,000 cash. The equipment has an estimated useful life of 8 years and no residual value. Using the straight-line method, calculate the depreciation expense for the year 20X1.

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

• February 15: Paid $5,000 for equipment repairs.
• May 1: Purchased additional equipment parts for $8,000.
• September 1: Paid $3,000 for equipment maintenance services.

Required:

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