Required information [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: During 2020 , the following expenditures were incurred for the equipment: The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $15,000 estimate residual value. The annual accounting period ends on December 31. 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.) Journal entry worksheet Record the adjusting entry for depreciation on the manufacturing equipment during 2019. Note: Enter debits before credits. 2. Starting at the beginning of 2020 , what is the remaining estimated life? Required: 3. Prepare the journal entries to record the two expenditures during 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits. Required: 3. Prepare the journal entries to record the two expenditures during 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the expenditure for routine maintenance and repairs on the equipment. Note: Enter debits before credits