Wiater Company operates a small manufacturing facility. On January 1, 2015, an asset account for the company showed the following balances: Equipment $ 235,000 Accumulated Depreciation (beginning of year) 148,000 During the first week of January 2015, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment $ 2,350 Major overhaul of the equipment that improved efficiency 26,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $13,000 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.)