Exerclse 11-60 After 25% of the useful life had expired on equipment with an original cost of $100,000 and no salvage value, a 23333553?\" major component of the equipment is unexpectedly replaced. The old component was expected to last as long as Hm See Demo 11:, the equipment itself. and the company's accounting records on the component indicate it originally cost $20,000 and had, no expected salvage value. The replacement component cost $30,000 and has no usefulness beyond that of the equipment. Required Prepare the entries to record the component replacement, assuming a cash purchase