Oki Company pays $312,150 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.

• Paid $15,650 cash for a new component that increased the equipment’s productivity.
• Paid $3,913 cash for minor repairs necessary to keep the equipment working well.
• Paid $8,600 cash for significant repairs to increase the useful life of the equipment from four to seven years.