Oki Company pays $299,050 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 Ilife, $23,850 cash Is pald for a new component expected to Increase the equipment's productivity by 10 % a year 2 During the third year, $5,963 cash is paid for normal repairs necessary to keep the equipment In good working order. 3. During the fourth year, $16,800 IS paid for repairs expectd to Increase the useful Iife of the equipment from four to five years. View transaction list Journal entry worksheet 2 3 Record the betterment cost of $23,850 paid in cash. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jounal ok View transaction list Journal entry worksheet 1 3 Record the cost of normal repairs of $5,963 paid in cash to keep the equipment in good working order Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 Record the cost of repairs of $16,800 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal