Oki Company pays $306,350 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 $27,700 cash for a new component that increased the equipment's productivity. 2. Paid $6,925 cash for minor repairs necessary to keep the equipment working well. 3. Paid $20,650 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet B C Record the betterment cost of $27,700 paid in cash. Note: Enter debits before credits. Transaction General Journal / Debit Credit Record the cost of minor repairs of $6,925 paid in cash to keep the equipment working well. Note: Enter debits before credits. A B Record the cost of significant repairs of $20,650 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit