Oki Company pays $283,750 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, $24,250 cash is paid for a new component expected to increase the equipment's productivity by 10% a year. 2. During the third year, $6,063 cash is paid for normal repairs necessary to keep the equipment in good working order. 3. During the fourth year, $17,200 is paid for repairs expected to increase the useful life of the equipment from four to five years. View transaction list X: 1 Record the betterment cost of $24,250 paid in cash. > 2 Record the cost of normal repairs of $6,063 paid in cash keep the equ :in working order. 3 Record the cost of repairs of $17,200 paid in cash to increase the useful life of the equipment. Credit Note : = journal entry has been entered Record entry Clear entry View general journal