An equipment appears in the balance sheet of a company at $15,000 with a remaining useful life of 3 years. During the year, the company incurred an amount of $3,480 to repair the equipment which increased the useful life of the equipment from 3 years to 5 years. Prepare the journal entry to show the amount incurred to repair the equipment. a. Debit Repairs expense account for $3,480 and credit the Cash account for $3,480 b. Debit Repairs expense account for $3,480 and credit the Equipment account for $3.480 C. Debit Equipment account for $3,480 and credit the Cash account for $3,480 d. Debit Equipment account for $3,480 and credit the Repairs expense account for $3.480 4