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) $ 220, eee 101,500 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 $ 2,550 31, eee The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $17,000 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. Starting at the beginning of 2021, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the adjusting journal entry that would have been made at the end of 2020 for depreciation on the manufacturing equipment. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for depreciation expense at year-end 2020. Note: Enter debits before credits. Transaction Debit Credit General Journal Depreciation Expense Accumulated Depreciation-Equipment Record entry Clear entry View general journal