Oki Company pays $$278,950$ for equipment expected to last four years and have a $$30,000$ salvage value. Prepare journal entries to record the following costs related to the equipment.

Paid $$19,600$ cash for a new component that increased the equipment's productivity.

Paid $$4,900$ cash for minor repairs necessary to keep the equipment working well.

Paid $$12,550$ cash for significant repairs to increase the useful life of the equipment from four to seven years.

A Record the betterment cost of $$19,600$ paid in cash.

B Record the cost of minor repairs of $$4,900$ paid in cash to keep the equipment working well.

C Record the cost of significant repairs of $$12,550$ paid in cash to increase the useful life of the equipment.

Credit

Note : $0=$ journal entry has been entered