Oki Company pays $282,450 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. During the second year of the equipment's life, $21,600 cash is paid for a new component expected to increase the equipment's productivity by 10% a year. 2. During the third year, $5,400 cash is paid for normal repairs necessary to keep the equipment in good working order. 3. During the fourth year, $14,550 is paid for repairs expected to increase the useful life of the equipment from four to five years. View transaction list Journal entry worksheet 1 2 3 Record the betterment cost of $21,600 paid in cash. inte: Enter debits before credits Oki Company pays $282,450 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. During the second year of the equipment's life, $21,600 cash is paid for a new component expected to increase the equipment productivity by 10% a year. 2. During the third year, $5,400 cash is paid for normal repairs necessary to keep the equipment in good working order 3. During the fourth year. $14,550 is paid for repairs expected to increase the useful life of the equipment from four to five years. View transaction list Journal entry worksheet