Oki Company pays $305,300 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 $18.450 cash for a new component that increased the equipment's productivity. 2. Pald $4,613 cash for minor repairs necessary to keep the equipment working well. 3. Pald $11,400 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet