Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $283,250 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries tc record the following costs related to the equipment. 1. Paid $29,450 cash for a new component that increased the equipment's productivity. 2. Paid $7,363 cash for minor repairs necessary to keep the equipment working well. 3. Paid $22,400 cash for significant repairs to increase the useful life of the equipment from four to seven years