Wiater Company operates a small manufacturing facility. On January $1,2021,$ an asset account for the company showed the following balances:

Equipment $ $165,000$

Accumulated Depreciation $($beginning of the year$)77,000$

During the first week of January $2021,$ the following cash expenditures were incurred for repairs and maintenance:

Routine maintenance and repairs on the equipment $ $1,950$

Major overhaul of the equipment that improved efficiency $25,000$

The equipment is being depreciated on a straight$-$line basis over an estimated life of $10$ years with a $$11,000$ estimated residual value. The annual accounting period ends on December $31.$

Required:

Prepare the adjusting journal entry that would have been made at the end of $2020$ for depreciation on the manufacturing equipment.

Starting at the beginning of $2021,$ what is the remaining estimated life?

Prepare the journal entries to record the two expenditures for repairs and maintenance during $2021.$