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E9.4 (Algo) Recording Straight-Line Depreciation and Repairs [LO 9-2, LO 9.3] Water Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showed the following balances: Equipent 5220,009 Accumulated Depreciation (beitining of the year) 101,500 During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: Hovt ine inaintenancen, and repairs on the equipaent 52,55031,000 Major overiaul of the equipeent that isproved efficiency The equipment is being depreciated on a straight-line basis over an estimated ife of 20 years with a $17,000 estimated residual valueThe annual accounting perlod ends on December 31. Required: Indicate the effects (accounts, amounts, and + for increase and - for decrease) of the following two items on the accounting equation. using the headings shown below. (Enter any decreases to Assets, Liabilities or Stockholder's Equity with a minus sign.) 1. The adjustrient for depreclation made last year at the end of 2020 . 2. The two expenditures for repairs and maintenance during January 2021. Required: Indicate the effects (accounts, amounts, and + for increase and - for clecrease) of the following two items on the accounting equation using the headings shown below. (Enter ony decreases to Assets, Liabilities or Stockholder's Equity with a minus sign.) 1. The adfustment for depreciation made last year at the end of 2020 2. The two expenditures for repairs and maintenance during Jansary 2021