Oki Company pays $306,000 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 $16,250 cash for a new component that increased the equipment's productivity 2. Pald $4.063 cash for minor repairs necessary to keep the equipment working well 3. Paid $9.200 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet