Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $304,100 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 $24,950 cash for a new component that increased the equipment's productivity. 2. Paid $6,238 cash for minor repairs necessary to keep the equipment working well. 3. Paid $17,900 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet A B C Record the betterment cost of $24,950 paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $304,100 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 $24,950 cash for a new component that increased the equipment's productivity. 2. Paid $6,238 cash for minor repairs necessary to keep the equipment working well. 3. Paid $17,900 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet B C Record the cost of minor repairs of $6,238 paid in cash to keep the equipment working well. Note: Enter debits before credits. Transaction General Journal Debit Credit Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $304,100 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 $24,950 cash for a new component that increased the equipment's productivity. 2. Paid $6,238 cash for minor repairs necessary to keep the equipment working well. 3. Paid $17,900 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet