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.

Paid $$22,000$ cash for a new component that increased the equipment$$s productivity.

Paid $$6,250$ cash for minor repairs necessary to keep the equipment working well.

Paid $$14,870$ cash for significant repairs to increase the useful life of the equipment from four to seven years.