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: Kanufactaring equipent Mccumulated deprociation through the end of last year \$ 159,000 159,000 63,900 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 effieiency Routine repalrs on the equipment \$ 8,000 2,000 The equipment is being depreciated on a straight-line basis over an estimateclife of 20 years with a $17,000 estimated residual volue. The annual accounting period ends on December 31. Journal entry worksheet 2 Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits. Journal entry worksheet Record the expenditure for routine maintenance and repairs on the equipment. Note: Enter debits before credits