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 $12,000 estimated residual value. The annual accounting period ends on December 31. Prepare the journal entries to record the two expenditures during 2020 . (If no entry is required for a transaction/event, select "No ornal 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 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 $12,000 estimated residual value. The annual accounting period ends on December 31 . Prepare the journal entries to record the two expenditures during 2020. (If no entry is required for a transaction/event, select "No irnal 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