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 the current year, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through the end of last year $ 145,900 49,700 During the current year, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2 the current year that improved efficiency Routine repairs on the equipment $ 15,000 1,200 The equipment is being depreciated on a straight-line basis over an estimated life of 19 years with a $11,000 estimated residual value. The annual accounting period ends on December 31. Required: 3. Prepare the journal entries to record the two expenditures during current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 1 2 Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits. Transaction a General Journal Debit Credit Record entry Clear entry View general journal