Oki Company pays $$292,150$ for equipment expected to last four years and have a $$30,000$ salvage value. Prepare journal entries to

record the following costs related to the equipment.

Paid $$17,600$ cash for a new component that increased the equipment's productivity.

Paid $$4,400$ cash for minor repairs necessary to keep the equipment working well.

Paid $$10,550$ 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 $$17,600$ paid in cash.

Note: Enter debits before credits.