Boat Ltd$.$ has a major asset that has just been purchased and has been segregated into the following significant components made up of spare parts and major inspections. Component D consists of a group of insignificant components lumped together with an average cost and useful life.

Component Quantity Original Unit Cost Residual Value Useful Life

A $3$ $ $152,000$ $ $8,20012$ years

B $371,00003$ years

C $510,9007506$ years

D $25,10002$ years

Required:

$1.$ Assuming straight$-$line is the appropriate method of depreciation, what is the amount of depreciation in year $1?($Round down the intermediate calculations to the nearest whole dollar. Round final answer to nearest whole dollar.$)$

$2-$a$.$ This part of the question is not part of your Connect assignment.

$2-$b$.$ The new major spare part has a value of $$50,000.$ Prepare the journal entry that would be recorded when $1$ unit of component B is replaced at the end of year $2.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round the intermediate calculations to two decimal places. Round down final answers to the nearest whole dollar.$)$