Oki Company pays $313,200 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 $15,550 cash for a new component that increased the equipment's productivity. 2. Paid $3,888 cash for minor repairs necessary to keep the equipment working well. 3. Paid $8,500 cash for significant repairs to increase the useful life of the equipment from four to seven years. Journal entry worksheet Record the betterment cost of $15,550 paid in cash. Note: Enter debits before credits. Journal entry worksheet Record the cost of minor repairs of $3,888 paid in cash to keep the equipment working well. Note: Enter debits before credits. Journal entry worksheet Record the cost of significant repairs of $8,500 paid in cash to increase the useful life of the equipment. Note: Enter debits before credits