Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $302.500 for equipment expected to last four years and have a $30000 salvage value Prepare journal entries to record the following costs related to the equipment 1. During the second year of the equipment's life, $26,950 cash is paid for a new component expected to increase the equipments ipment's life. $26,950 cash is paid for a new component expected to increase the equipments productivity by 10% a year. 2 During the third year. $6,738 cash is paid for normal repairs necessary to keep the equipment in good warking 3. During the fourth year, S19,900 is paid for repairs expected to increase the usefui life of the equipment from four to five ye View transaction list Journal entry worksheet Record the betterment cost of $26,950 paid in cash Note: Enter debits before credits. View general journal Clear entry Record entry