Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $322,800 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 $20,700 cash for a new component that increased the equipment's productivity. 2. Paid $5,175 cash for minor repairs necessary to keep the equipment working well. 3. Paid $13,650 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction let Journal entry worksheet < A B C Record the betterment cost of $20,700 paid in cash. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal