Exercise 8-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $283.550 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 $22,850 cash for a new component that increased the equipment's productivity. 2. Paid $5,713 cash for minor repairs necessary to keep the equipment working well. 3. Paid $15,800 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet < A B C Record the betterment cost of $22,850 paid in cash. Journal entry worksheet < A B C Record the cost of minor repairs of $5,713 paid in cash to keep the equipment working well. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A B C Record the cost of significant repairs of $15,800 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit Record entry Clear entry View general journal Che