Oki Company pays $264,350 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 $20,250 cash for a new component that increased the equipment's productivity. 2. Paid $5,063 cash for minor repairs necessary to keep the equipment working well. 3. Paid $13,200 cash for significant repairs to increase the useful life of the equipment from four to seven years: Journal entry worksheet Record the betterment cost of $20,250 paid in cash. Note: Enter debits before credits, Journal entry worksheet Record the cost of minor repairs of $5,063 paid in cash to keep the equipment working well. Note: Enter debits before credits. Journal entry worksheet Record the cost of significant repairs of $13,200 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits