Question: I am not sure what I did wrong here.... Required information [The following information applies to the questions displayed below. Hulme Company operates a small

I am not sure what I did wrong here....

I am not sure what I did wrong here.... Required information [The

following information applies to the questions displayed below. Hulme Company operates a

Required information [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 $ 120,000 57,600 During 2020, the following expenditures were incurred for the equipment: $ 13,000 Major overhaul of the equipment on January 2, 2020, that improved efficiency Routine maintenance and repairs on the equipment 1,000 The equipment is being depreciated on a straight-line basis over an estimated life of 15 years with a $12,000 estimated residual value. The annual accounting period ends on December 31. 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.) Answer is complete but not entirely correct. No Transaction Debit Credit General Journal Repair and maintenance expense A 1,000 Cash 1,000 B 2 13,000 Equipment Cash 13,000

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