Oki Company pays $266,000 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 $12,450 cash for a new component that increased the equipment's productivity. 2. Paid $3,113 cash for minor repairs necessary to keep the equipment working well. 3. Paid $5,400 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 $12,450 paid in cash. Note: Enter debits before credits