Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $86,800. The machine's useful life is estimated at 20 years, or 404,000 units of product, with a $6,000 salvage value. During its second year, the machine produces 34,400 units of product. Exercise 8-6 (Algo) Double-declining-balance depreciation LO P1 Determine the machine's second-year depreciation using the double-declining-balance method. Oki Company pays $265.050 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 $15,450 cash for a new component that increased the equipment's productivity. 2. Paid $3,863 cash for minor repairs necessary to keep the equipment working well. 3. Paid $8,400 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 $15,450 paid in cash. Note: Enter debits before credits