Oki Company pays $284,600 for equipment expected to last four years and have a $30,000 salvage value. Prepare journal entries to 1. During the second year of the equipment's life, $26,200 cash is paid for a new component expected to increase the equipment's 2 Duingthe thid yea, 596 50 cash is 2. During the third year, $6,550 cash is paid for normal repairs necessary to keep the equipment in good working order 3. Duringh r e Journal entry worksheet