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Oki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $22,000 cash for a new component that increased the equipment's productivity. 2. Paid $6,250 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,870 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the cost of minor repairs of $6,250 paid in cash to keep the equipment. working well. aina-v Aintar debits before credits. Oki Company pays $264,000 for equipment expected to last four years and have a $29,000 salvage value. Prepare journal entrles to record the following costs related to the equipment. 1. Paid $22,000 cash for a new component that increased the equipment's productivity. 2. Paid $6,250 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,870 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet A Record the cost of significant repairs of $14,870 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits: 22,000 cash for a new component that increased the equipment's pro $6,250 cash for minor repairs necessary to keep the equipment workin $14,870 cash for significant repairs to increase the useful life of the equ entry worksheet nal entry worksheet A $22,000 cash for a new component that increased the equipment's pr $6,250 cash for minor repairs necessary to keep the equipment workin $14,870 cash for significant repairs to increase the useful life of the equ rnal entry worksheet 50 cash for minor repairs necessary to keep the equipment working we 870 cash for significant repairs to increase the useful life of the equipme I entry worksheet urnal entry worksheet