9 8 points Oki Company pays $322,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $14,000 cash for a new component that increased the equipment's productivity. 2. Paid $3,500 cash for minor repairs necessary to keep the equipment working well. 3. Paid $6,950 cash for significant repairs to increase the useful life of the equipment from four to seven years. eBook 01 Hint Print References View transaction list Journal entry worksheet A B Record the betterment cost of $14,000 paid in cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry > 9 8 points Oki Company pays $322,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $14,000 cash for a new component that increased the equipment's productivity. 2. Paid $3,500 cash for minor repairs necessary to keep the equipment working well. 3. Paid $6,950 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list eBook 01 Hint Print Journal entry worksheet A B Record the cost of minor repairs of $3,500 paid in cash to keep the equipment working well. References Note: Enter debits before credits. Transaction 2 General Journal Debit Credit View general journal Record entry Clear entry > 9 8 points Oki Company pays $322,550 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $14,000 cash for a new component that increased the equipment's productivity. 2. Paid $3,500 cash for minor repairs necessary to keep the equipment working well. 3. Paid $6,950 cash for significant repairs to increase the useful life of the equipment from four to seven years. eBook 01 Hint Print View transaction list Journal entry worksheet A B 0 Record the cost of significant repairs of $6,950 paid in cash to increase the useful life of the equipment. References Note: Enter debits before credits. Transaction General Journal Debit Credit 3 View general journal Record entry Clear entry