Check my work Pete's Propellers Company showed the following information in its Property, Plant, and Equipment subledger regarding Machine #5027 Machine #5027 Component Date of purchase Depreciation Est. Single metal housing Jan. 12/18 Method SL Cost Residual Est. Life $ 44,000 Motor Blade Jan. 12/18 DOB Jan. 12/18 SL 26,000 7,720 $77,720 $8,000 2,000 10 yrs 15 yrs 1,000 5 yrs *SL Straight-line: DDB Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $10,400 purchased for cash (the old blede was scrapped). The new blade had an estimated residual value of $1,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be increased to a total of 20 years instead of 15 years and that the residual value should be increased to $8,600. Required: 1. Prepare the entry to record the purchase of the replacement blade < Prev 2 of 8 Next > Q B 0 ENG 901 AM US 2022411