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Starting at the beginning of 2021 , what is the remaining estimated life? Journal entry worksheet Record the expenditure for ordinary repairs incurred. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for depreciation expense at year-end 2020. Note: Enter debits before credits: Journal entry worksheet Record the expenditure for extraordinary repairs incurred. Note: Enter debits before credits. E9-5 (Algo) Determining Financial Statement Effects of Straight-Line Depreciation and Repairs [LO 9-2, LO 9-3] Wiater Company operates a small manufacturing facility. On January 1,2021, an asset account for the company showed the following balances: Equipenent Accumulated Depreciation (beginning of the year) $280,000 130,000 During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipenet 52,850 Major overhaul of the equipment that improved efficiency. 34,000 The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $20,000 estimated residual value. The annual accounting period ends on December 31 . Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment. 2. Starting at the beginning of 2021 , what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021