Oki Company pays $288,650 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. Pald $20,000 cash for a new component that increased the equipment's productivity 2. Paid $5,000 cash for minor repairs necessary to keep the equipment working well 3. Paid $12.950 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet