Oki Company pays $298,350 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 $29,500 cash for a new component that increased the equipments productivity.
2. Paid $7,375 cash for minor repairs necessary to keep the equipment working well.

3. Paid $22,450 cash for significant repairs to increase the useful life of the equipment from four to seven years.