Oki Company pays $305,450 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 $5,163 cash for minor repairs necessary to keep the equipment working well. 2. Paid $13,600 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the cost of minor repairs of $5,163 paid in cash to keep the equipment working well. Note: Enter debits belore credits. Oki Company pays $305,450 for equipment expected to last four years and have a $30,000 saivage value. Prepare journal entries to record the following costs related to the equipment. 1. Paid $5,163 cash for minor repairs necessary to keep the equipment working well. 2. Paid $13,600 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the cost of significant repairs of $13,600 paid in cash to increase the useful life of the equipment. Notet Enter debita before credits