mponent Ebreglass body stor Fishing Boat 22 Foot With Inboard Motor: Deprec. Est. Date of Purchase Method Cost Residual Apr. 9/12 SL $ 39,000 $9,000 Apr. 9/12 SL 70,000 -9 $109,000 Est. Life 15 yn 10 yr June 27, 2020, $76,000 cash was paid for a new motor to replace the old one, which was scrapped. The new motor timated useful life of 12 years and a residual value of $4,000. Early in 2020, it was determined that the useful life of th reglass body should be adjusted to a total of 20 years with no change in the residual value. -quired: Record the appropriate entries regarding the Purchase of the replacement motor on June 27, 2020. View transaction list Journal entry worksheet 2 Record replacement of motor Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $109,000. The PPE subledger shows the following information regarding the boat Component Fibreglass body Motor Fishing Boat - 22 Foot With Inboard Motor: Deprec. Est. Date of Purchase Method Cost Residual Apr. 9/12 SL $ 39,000 $9,000 Apr. 9/12 SL 70,000 -- $109,900 Est. Life 15 yr 10 yr On June 27, 2020. $76,000 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 $4,000. 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