Oki Company pays $$294,100$ for equipment expected to last four years and have a $$30,000$ salvage value. Prepare journal entries to record the following costs related to the equipment.

Paid $$24,600$ cash for a new component that increased the equipment's productivity.

Paid $$6,150$ cash for minor repairs necessary to keep the equipment working well.

Paid $$17,550$ cash for significant repairs to increase the useful life of the equipment from four to seven years.

Journal entry worksheet

A

B

C

Record the betterment cost of $$24,600$ paid in cash.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$]]$