Oki Company pays $288,600 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 $14,800 cash for a new component that increased the equipment's productivity. 2. Paid $3,700 cash for minor repairs necessary to keep the equipment working well. 3. Paid $7,750 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the cost of minoc repairs of $3,700 paid in cash to keep the equipment working well. Note Enter debits before credits