Sheridan's Repair Service uses the straight-line method of depreciation. The company's fiscal year-end is December 31. The following transactions and events occurred during the first three years. O 01:29:12 2021 July 1 Purchased equipment from the Equipment Center for $7,500 cash plus sales tax of $520, and shipping costs of $530. Nov. 3 Incurred ordinary repairs on computer of $480. Recorded 2021 depreciation on the basis of a four-year life and estimated salvage value of $550. Dec. 31 Recorded 2022 depreciation. Jan. 1 Paid $4,300 for a major upgrade of the equipment. This expenditure is expected to increase the operating efficiency and capacity of the equipment. 2022 2023 Prepare the necessary entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit