Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $300.450 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 $12.200 cash for a new component that increased the equipment's productivity. 2. Paid $3,050 cash for minor repairs necessary to keep the equipment working well. 3. Paid $5,150 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet > Record the betterment cost of $12,200 paid in cash. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the cost of minor repairs of $3,050 paid in cash to keep the equipment working well. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal Journal entry worksheet