OkI Company pays $274,450 for equlpment expected to last four years and have a $30,000 salvage...

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OkI Company pays $274,450 for equlpment 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 $22.350 cash for a new component that increased the equipment's productivity. 2 Paid $5.588 cash for minor repairs necessary to keep the equipment working well. 3. Paid $15,300 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction ist Journal entry worksheet A Record the betterment cost of $22,350 paid in cash. Note: Enter debits before credits Transaction General Journmal Debit Credit ( Prev 7 of 9 E Next> OkI Company pays $274,450 for equlpment 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 $22.350 cash for a new component that increased the equipment's productivity. 2 Paid $5.588 cash for minor repairs necessary to keep the equipment working well. 3. Paid $15,300 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction ist Journal entry worksheet A Record the betterment cost of $22,350 paid in cash. Note: Enter debits before credits Transaction General Journmal Debit Credit ( Prev 7 of 9 E Next>

Answer rating: 100% (QA)

Journal Entry Date Particulars Amount Dr Amount Cr 1 E... View the full answer