Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 (The following information applies to the questions displayed below

Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 (The following information applies to the questions displayed below.) Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following balances: Manufacturing equipment Accumulated depreciation through 2019 $ 164,100 79,000 During 2020, the following expenditures were incurred for the equipment: Major overhaul of the equipment on January 2, 2020, that improved officiency Routine maintenance and repairs on the equipment $ 19,000 1/100 The equipment is being depreciated on a straight-line basis over an estimated life of 19 years with a $14,000 estimated residual value. The annual accounting period ends on December 31 E8-7 Part 3 Required: 3. Prepare the journal entries to record the two expenditures during 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: 3. Prepare the journal entries to record the two expenditures during 2020. (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 1 Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Required: 3. Prepare the journal entries to record the two expenditures during 2020. (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 2 Record the expenditure for routine maintenance and repairs on the equipment. Note: Enter debits before credits Transaction General Journal Debit Credit 2