Required information E8-7 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) L08-2, 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 beginning of the current year, an asset account for the company showed the following balances: Manufacturing equipment hocunulateddepreciationthroughtheendoflastyear63,900$159,000 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 efficiency efficiency Routine repairs on the equipment $8,000 2,000 The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $17,000 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. Journal entry worksheet Record the adjusting entry for depreciation on the manufacturing equipment at the end of last year. Note: Enter debits before credits