Exercise 8-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $285,250 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 $26,850 cash for a new component that increased the equipment's productivity. 2. Paid $6,713 cash for minor repairs necessary to keep the equipment working well. 3. Paid $19,800 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet