Circle City Transportation made the ­following expenditures for its fleet during the current year: oil changes, $ 2,000; filter changes, $ 5,000; tire rotations, $ 3,000; engine overhauls, $ 15,000; and retrofitting vehicles to ­function as party buses, $ 40,000. Prepare the journal entry or entries necessary to record Circle’s activities. Assume all expenditures are paid in cash. Assume the overhauls extend the assets’ lives.