Business, 13.10.2021 14:00 china236

Oki Company pays $292,250 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. a. Paid $23,550 cash for a new component that increased the equipmentâs productivity.
b. Paid $5,888 cash for minor repairs necessary to keep the equipment working well.
c. Paid $16,500 cash for significant repairs to increase the useful life of the equipment from four to seven years.

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Oki Company pays $292,250 for equipment expected to last four years and have a $30,000 salvage value...

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