Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $303,250 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 $24,700 cash for a new component that increased the equipment's productivity. 2. Paid $6,175 cash for minor repairs necessary to keep the equipment working well. 3. Paid $17,650 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the betterment cost of $24,700 paid in cash. Note: Enter debits before credits. Oki Company pays $303,250 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 $24,700 cash for a new component that increased the equipment's productivity. 2. Paid $6,175 cash for minor repairs necessary to keep the equipment working well. 3. Paid $17,650 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the cost of minor repairs of $6,175 paid in cash to keep the equipment working well. Note: Enter debits before credits. Oki Company pays $303,250 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 $24,700 cash for a new component that increased the equipment's productivity. 2. Paid $6,175 cash for minor repairs necessary to keep the equipment working well. 3. Paid $17,650 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the cost of significant repairs of $17,650 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits