Oki Company pays $293,000 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. $26,100 cash is paid for a new component expected to increase the equipments 2 Durng the hird yea, 6 525 cash ia paidfor normal repairs necessary to keep the equipment in good working order 2. During the third year, $6,525 cash is paid-for normal repairs necessary to keep the equipment in good working order 3. During the fourth year, $19,050 is paid for repairs expected to increase the useful life of the equipment from four to five years