Oki Company pays $281,150 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 $27,500 cash for a new component that increased the equipment's productivity. 2. Paid $6,875 cash for minor repairs necessary to keep the equipment working well. 3. Paid $20,450 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet < A B C Record the betterment cost of $27,500 paid in cash. Note: Enter debits before credits Transaction 1 General Journal Debit Credit >