Exercise $10-14($Algo$)$ Ordinary repairs, extraordinary repairs, and betterments LO C$3$

Oki Company pays $$311,450$ for equipment expected to last four years and have a $$30,000$ salvage value. Prepare journal entries to record the following costs related to the equipment.

Paid $$18,150$ cash for a new component that increased the equipment's productivity.

Paid $$4,538$ cash for minor repairs necessary to keep the equipment working well.

Paid $$11,100$ cash for significant repairs to increase the useful life of the equipment from four to seven years.

Journal entry worksheet

$$ B C

Record the betterment cost of $$18,150$ paid in cash.

Note: Enter debits before credits.

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