Required information E8-7 (Static) 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 the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumalated depreeiation through the end of last year $120,000 57,600 During the current year, the following expenditures were incurred for the equipment: Major overhat1 of the equipment on January 2 the current year that improved efficiency $13,000 Routine repairs on the equipent 1,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $12,000 estimated residual value. The annual accounting period ends on December 31 E8-7 Part1 Required: 1. Prepare the adjusting entry that was made at the end of last year for depreciation on the manufacturing equipment. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field