Oki Company pays $260,400 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 $21,700 cash for a new component that increased the equipment's productivity 2. Paid $5,425 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,650 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 $21,700 paid in cash. Note: Enter debits before credits Transaction General Journal Dobit Credit 1 Record entry Clear entry View general Journal View transaction list Journal entry worksheet