Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Okl Company pays $281,450 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 $25,650 cash for a new component that increased the equipment's productivity 2. Paid $6,413 cash for minor repairs necessary to keep the equipment working well 3. Paid $18,600 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet B C Record the betterment cost of $25,650 paid in cash. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet