Oki Company pays $304,550 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.

Paid $17,000 cash for a new component that increased the equipments productivity.

Paid $4,250 cash for minor repairs necessary to keep the equipment working well.

Paid $9,950 cash for significant repairs to increase the useful life of the equipment from four to seven years.

Exercise 8-14 (Algo) Ordinary repairs, extraordinary repairs, and betterments LO C3 Oei Company payn $304.550 for equipanent expected to inst four years and have a $30.000 salvage value Prepare joumal emities to record the following costs related to the equipment. 1. Poid $17.000 cash for a new component that increased the equiament's productivity 2. Paid $4,250 cash for minor repaits necessary to keep the equipment wriking well 3. Paid $9,950 cash for signifcant repairs to increase the useful life of the equipment from four to seven years