Wiater Company operates a small manufacturing facility. On January 1, 2015, an asset account for the oompany showed the following balances: $335,000 210,000 Equipment year) During the first week of January 2015, the following expenditures were incurred for repairs and $ 3,250 38,000 Routine maintenance and repairs on t Major overhaul of the equipment that improved efficiency he equipment The equipment is being depreciated on a straight-line basis over an estimated life of 15 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 2014 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 2014 Note: Enter debits before credits. General Journal Debit Credit Record entry Clear entry View general journal 2. Starting at the beginning of 2015, what is the remaining estimated life? r--lnars] Remaining Eatimated Life 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2015. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Import a new list Record the expenditure for ordinary repairs incurred. 1 Record the expenditure for extraordinary repairs incurred and capitalized. 2 Credit Note:journal entry has been entered Record entry Clear entry View general journal