Oki Company pays $318,100 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 $16,500 cash for a new component that increased the equipments productivity. 2. Paid $4,125 cash for minor repairs necessary to keep the equipment working well. 3. Paid $9,450 cash for significant repairs to increase the useful life of the equipment from four to seven years.