Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 2,650 32,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $16,000 estimated residual value. The annual accounting period ends on December 31. Required: Indicate the effects (accounts, amounts, and + for increase and - for decrease) of the following two items on the accounting equation, using the headings shown below. (Enter any decreases to Assets, Liabilities or Stockholder's Equity with a minus sign.) 1. The adjustment for depreciation made last year at the end of 2017. 2. The two expenditures for repairs and maintenance during January 2018. Assets Liabilities + Stockholders' Equity Item 2017 2018