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 C 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 >