Wiater Company operates a small manufacturing facility. On January 1, 2018, an asset account for the company showed the following balances: Equipment Accumulated Depreciation (beginning of the year) $160,000 100,000 During the first week of January 2018, the following expenditures were incurred for repairs and maintenance: Routine maintenance and repairs on the equipment Major overhaul of the equipment that improved efficiency $ 1,850 24,000 ces The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $10,000 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 2017 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2018, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 1 Required 2 Required 3 Prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufactur (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Requi account field.) View transaction list Journal entry worksheet A Record the adjusting entry for depreciation expense at year-end 2017 Note: Enter debits before credits Transaction Debit Credit General Journal Depreciation Expense Accumulated Depreciation Equipment Required: 1. Prepare the adjusting journal entry that would have been made at the end of 2017 for depreciation on the manufacturing equipment 2. Starting at the beginning of 2018, what is the remaining estimated life? 3. Prepare the journal entries to record the two expenditures for repairs and maintenance during 2018, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Starting at the beginning of 2018, what is the remaining estimated life? Remaining Estimated Life years Journal entry worksheet A B Record the expenditure for ordinary repairs incurred. Note: Enter debits before credit: Transaction General journal Debit Credit 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet