Wiater Company operates a small manufacturing facility on January 1, 2021, an asset occount for the company showed the following balances: 210.000 Equipment $.335,000 Accumulated Depreciation (beginning of the year) During the first week of January 2021, the following cash expenditures were incurred for repairs and maintenance Routine maintenance and repairs on the equipment $ 3,250 Major overhaul of the equipment that improved efficiency 38,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $20,000 estimated residual value a 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