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Oki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment 1. Paid $22.000 cash for a new component that increased the equipment's productivity. 2. Paid $6.250 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,870 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the betterment cost of $22,000 paid in cash. Noter Enter debts before credith. Oki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $22,000 cash for a new component that increased the equipment's productivity. 2. Paid $6.250 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,870 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the cost of significant repairs of $14,870 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits. Oki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $22,000 cash for a new component that increased the equipment's productivity. 2. Paid $6.250 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,870 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the cost of minor repairs of $6,250 paid in cosh to keep the equipment working well. Wote: Enter debits before credits