Required information E8-7 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 [The following information applies to the questions displayed below.] Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginining of the current year, an asset account for the company showed the following balances: Manufacturing equipment Accunutated depreciation through the end of last year $134,000 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved $13,000 efficiency Rout ine repairs on the equipment 690 The equipment is being depreciated on a straight-line basis over an estimated life of 17 years with a $15,000 estimated residual value. The annual accounting period ends on December 31. E8-7 Part 1 Required: 1. Prepare the adjusting entry that was made at the end of last year for depreciation on the manufacturing equipment. Note: Do not round your intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field