Okl Comparny pays $257,250 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 quipment. 1. Paid $16,700 cash for a new component that increased the equipment's productivity. 2. Paid $4,175 cash for minor repairs necessary to keep the equipment working well. 3. Paid $9,650 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 $16,700 paid in cash. Notes Enter debits before credits