Required information E8-6 (Static) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.) Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset account for the company showed the following balances: Equipment Accumulated depreciation through 2018 $ 350,000 165,000 During 2019, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1, 2019, that improved efficiency Routine maintenance and repairs on the equipment $ 42,000 5,000 The equipment is being depreciated on a straight-line basis over an estimated life of eight years with a $20,000 estimated residual value. The annual accounting period ends on December 31. E8-6 Part 1 Required: 1. Prepare the adjusting entry that was made at the end of 2018 for depreciation on the equipment. (If no entry is required for a