Okl Company pays $273,950 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 $20,000 cash for a new component that increased the equipment's productivity. 2. Pald $5,000 cash for minor repairs necessary to keep the equipment working well. 3. Pald $12,950 cash for significant repairs to Increase the useful life of the equipment from four to seven years. 1 View transaction list Journal entry worksheet A B > Record the betterment cost of $20,000 paid in cash. Notet Enter debits before credits moes General Journal Dell Credit Transaction 1 Record entry Clear entry View generall yourmal View general Journal