Required information [The following information applies to the questions displayed below.] Jamie Company operates a small manufacturing factory 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 $ 156,000 49,000 During 2020, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2, 2020, that improved efficiency Routine maintenance and repairs on the equipment $ 5,000 1,100 The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $16,000 estimated 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.) 2. Starting at the beginning of 2020, what is the remaining estimated life? Remaining life years 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.) View transaction list Journal entry worksheet Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal 1 2 Record the expenditure for routine maintenance and repairs on the equipment. Note: Enter debits before credits