Wiater Company operates a small manufacturing facility. On January 1, 2021, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $ 280,000 130,000 During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 2,850 34,000 The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $20,000 estimated residual value. The annual accounting period ends on December 31. Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment 2. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021