Exercise 8-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 OKI Company pays $318.800 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 $15,550 cash for a new component that increased the equipment's productivity 2. Paid $3.888 cash for minor repairs necessary to keep the equipment working well. 3. Pald $8.500 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 cost of minor repairs of $3,888 paid in cash to keep the equipment working well. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the cost of significant repairs of $8,500 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 Record entry Clear entry View general journal