Oki Company pays $256,100 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 1. Paid $22,050 cash for a new component that increased the equipment's productivity. 2. Paid $5,513 cash for minor repairs necessary to keep the equipment working well. 3. Paid $15,000 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Journal entry worksheet Record the betterment cost of $22,050 paid in cash. Note: Enter debits before credts: Journal entry worksheet Record the cost of minor repairs of $5,513 paid in cash to keep the equipment working well. Note Enter debits hefore crectits: Journal entry worksheet Record the cost of significant repairs of $15,000 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits