Required information [The following information applies to the questions displayed below.] Manrow Growers, Incorporated, owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of this year, an asset account for the company showed the following balances: Equipment Accumulated depreciation through the end of last year $350,000 165,000 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 1 of the current year that improved efficiency $42,000 Routine maintenance and repairs on the equipment 5,000 The equipment is being depreciated on a straight-line basis over an estimated life of eight years with a $20,000 estimated residual value. The annual accounting period ends on December 31. 3. Prepare the journal entries to record the two expenditures during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field