Oki Company pays $283,000 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 $14,150 cash for a new component that increased the equipment's productivity. 2. Paid $3,538 cash for minor repairs necessary to keep the equipment working well. 3. Paid $7100 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the betterment cost of $14,150 paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit > View general Journal Journal entry worksheet Journal entry worksheet

Oki Company pays $283,000 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 $14,150 cash for a new component that increased the equipment's productivity. 2. Paid $3,538 cash for minor repairs necessary to keep the equipment working well. 3. Paid $7100 cash for significant repairs to increase the useful life of the equipment from four to seven years. View transaction list Journal entry worksheet Record the betterment cost of $14,150 paid in cash. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit > View general Journal Journal entry worksheet Journal entry worksheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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