Wiater Company operates a small manufacturing facility. On January 1,2021 , an asset account for the company showed the following balances: EquipmentAccumulatedDepreciation(beginningoftheyear)$160,000100,000 During the first week of January 2021 , the following cash expenditures were incurred for repairs and maintenance: RoutinemaintenanceandrepairsontheequipmentMajoroverhauloftheequipmentthatimprovedefficiency$1,85024,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $10,000 estimated residual 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