Wiater Company operates a small manufacturing facility. On January 1, 2013, an asset account for the company showed the following balances: Manufacturing equipment $ 160,000 Accumulated depreciation through 2012 100,000 During the first week of January 2013, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment $ 1,850 Major overhaul of the equipment that improved efficiency 24,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $10,000 estimated residual value. The annual accounting period ends on December 31.