Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Okl Company pays $304100 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. Pald $26.800 cash for a new component that increased the equipment's productivity 2. Pald $6700 cash for minor repales necessary to keep the equipment working well, 3. Paid $19,750 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 $26,800 paid in cash, Nota: Entu debits before credits General Journal Debit Credit Transaction 1