Oki Company pays $288,750 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. Paid $21,450 cash for a new component that increased the equipment's productivity. 2. Paid $5,363 cash for minor repairs necessary to keep the equipment working well. 3. Paid $14,400 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the betterment cost of $21,450 paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal