Oki Company pays $253,750 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 $27,200 cash for a new component that increased the equipment's productivity. 2. Paid $6,800 cash for minor repairs necessary to keep the equipment working well. 3. Paid $20,150 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet > Record the betterment cost of $27,200 paid in cash. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal 1. Paid $27,200 cash for a new component that increased the equipment's productivity. 2. Paid $6,800 cash for minor repairs necessary to keep the equipment working well. 3. Paid $20,150 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the cost of significant repairs of $20,150 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 Record entry Clear entry View general journal