Question: can you go step by step place, to help me understand? Required information E8-7 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 [The following

can you go step by step place, to help me understand?

can you go step by step place, to help me understand? Requiredinformation E8-7 (Algo) Recording Depreciation and Repairs (Straight-Line Depreciation) LO8-2, 8-3 [Thefollowing information applies to the questions displayed below.] Hulme Company operates a

Required information E8-7 (Algo) 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: During 2020, the following expenditures were incurred for the equipment: The equipment is being depreciated on a straight-line basis over an estimated life of 20 years with a $16,000 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.) Journal entry worksheet Record the expenditure for the major overhaul of the equipment. Note: Enter debits before credits. Journal entry worksheet Record the expenditure for routine maintenance and repairs on the equipment. Note: Enter debits before credits

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