Oki Company pays $266,950 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. Paid $14,850 cash for a new component that increased the equipments productivity. Paid $3,713 cash for minor repairs necessary to keep the equipment working well. Paid $7,800 cash for significant repairs to increase the useful life of the equipment from four to seven years