Oki Company pays $307,700 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 $16,450 cash for a new component that increased the equipment's productivity. 2. Paid $4,113 cash for minor repairs necessary to keep the equipment working well. 3. Paid $9,400 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the betterment cost of $16,450 paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Oki Company pays $307,700 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 $16,450 cash for a new component that increased the equipment's productivity. 2. Paid $4,113 cash for minor repairs necessary to keep the equipment working well. 3. Paid $9,400 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the cost of minor repairs of $4,113 paid in cash to keep the equipment working well. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal Oki Company pays $307,700 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 $16,450 cash for a new component that increased the equipment's productivity. 2. Paid $4,113 cash for minor repairs necessary to keep the equipment working well. 3. Paid $9,400 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the cost of significant repairs of $9,400 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal