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At the end of the prior year ending on December 31, Year 1, O'Connor Company's records reflected the following for Machine A: Cont when acquired Accumulated depreciation $ 32,400 11,000 At the beginning of January of the current year, the machine was renovated at a cost of $16,700. As a result, the estimated life increased from five years to eight years, and the residual value increased from $4,900 to $6,900. The company uses straight-line depreciation Required: 1. Prepare the journal entry to record the renovation. 2. How old was the machine at the end of the prior year? 3. Give the adjusting entry at the end of the current year to record straight-line depreciation for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Give the adjusting entry at the end of the current year to record straight-line depreciation for the year. (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 Record the straight-line depreciation for the machinery on December 31st (year 3). Noter Enter debits before credits Date General Journal Debit Credit December 31