Oki Company pays $321,000 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 $19,050 cash for a new component that increased the equipments productivity. Paid $4,763 cash for minor repairs necessary to keep the equipment working well. Paid $12,000 cash for significant repairs to increase the useful life of the equipment from four to seven years.