journalizing revenue, and capital expenses

Oki Company pays $271,850 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 $20,000 cash for a new component that increased the equipment's productivity. 2. Paid $5,000 cash for minor repairs necessary to keep the equipment working well. 3. Paid $12,950 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the betterment cost of $20,000 paid in cash. Note: Enter debits before credits. Journal entry worksheet Record the cost of minor repairs of $5,000 paid in cash to keep the equipment working well. Note: Enter debits before credits. Journal entry worksheet Record the cost of significant repairs of $12,950 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits