Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $285,050 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries t record the following costs related to the equipment. 1. During the second year of the equipment's life, $13,250 cash is paid for a new component expected to increase the equipment's 2. During the third year, $3,313 cash is paid for normal repairs necessary to keep the equipment in good working order 3. During the fourth year, $6,200 is paid for repairs expected to increase the useful life of the equipment from four to five years View transaction list Journal entry worksheet Record the betterment cost of $13,250 paid in cash