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 beginning of 2020, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through 2019 $ 129,000 59,400 During 2020, the following expenditures were incurred for the equipment: Mejor overhaul of the equipment on January 2, 2020, that improved officiency Routine maintenance and repairs on the equipment $ 18,000 The equipment is being depreciated on a straight-line basis over an estimated life of 18 years with a $11.000 estimated residual value. The annual accounting period ends on December 31 E8-7 Part 1 The equipment is being depreciated on a straight-line basis over an estimated life of 18 years with a $11,000 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 2019 for depreciation on the manufacturing equipment (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.) Answer is not complete. NO Transaction Credit General Journal Accumulated depreciation equipment Debit 68,000 1 1 X 68.000