Exercise 8-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Okl Company pays $257400 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 $15.850 cash for a new component that increased the equipment's productivity 2. Paid $3.963 cash for minor repairs necessary to keep the equipment working well 3. Pald $8.800 cash for significant repairs to increase the useful life of the equipment from four to seven years, View transactions Journal entry worksheet B Record the betterment cost of $95,850 paid in cash Note: Enter debts before credit Transaction General Journal Debit Credit View transaction list Journal entry worksheet Record the betterment cost of $15,850 paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cost of minor repairs of $3,963 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