Exercise 8-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays $310.400 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 $17.500 cash for a new component that increased the equipment's productivity 2. Paid $4,375 cash for minor repairs necessary to keep the equipment working well. 3. Paid $10,450 cash for significant repairs to increase the useful life of the equipment from four to seven years Journal entry worksheet B Record the betterment cost of $17,500 paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet Record the cost of minor repairs of $4,375 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 Journal entry worksheet >