1 9 Assignment (now 8Qs) med Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012. for $74,000. The PPE subledger shows the following information regarding the boat: Component Fibreglass body Motar Fishing Boat - 2 Foot With Inboard Motor Deprec. Est. Date of Purchase Method Cost Residual Apr. 9/12 SL $18,000 $3,000 Apr. 9/12 SL 56,000 $74,000 Est. Life 15 yr yr On June 27, 2020, $55,000 cash was paid for a new motor to replace the old one, which was scrapped. The new motor had an estimated useful life of 12 years and a residual value of $7,000. Early in 2020, it was determined that the useful life of the boat's fibreglass body should be adjusted to a total of 20 years with no change in the residual value. Required: 1. Record the appropriate entries regarding the a. Purchase of the replacement motor on June 27, 2020, View transaction list Journal entry worksheet