Ocean Fishers Ltd had a $22-$foot fishing boat with an inboard motor that was purchased on April $9,2015,$ for $$111,500.$ The PPE subledger shows the following information regarding the boat:

$\backslash$table$[[$Fishing Boat $-22$ Foot with Inboard Motor:$],[$Component$,$Date of Purchase,$\backslash$table$[[$Method$]],$Cost,Est.,$],[$Fibreglass body,Apr. $9/15,$SL$,$$$40,500,$Residual,Est.Life$],[$Motor$,$Apr. $9/15,$SL$,71,000,,15],[,,,$$$111,500,,]]$

On June $27,2023,$ $$77,000$ cash was paid for a new motor to replace the old one, which was scrapped. The new motor had an fibreglass body life of $12$ years and a residual value of $$2,000.$ Early in $2023,$ 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:

Record the appropriate entries regarding the

a$.$ Purchase of the replacement motor on June $27,2023.$

Journal entry worksheet

$$

$1$

$(2)$

Record to update depreclation in $2023$ regarding motor being replaced. $q,$

ote: Enter debits before credits

$4$:$22$ PM

Ocean Fishers Ltd had a $22-$foot fishing boat with an inboard motor that was purchased on April $9,2015,$ for $$111,500.$ The PPE subledger shows the following information regarding the boat

$\backslash$table$[[$Fishing Boat $-22$ Foot with Inboard Motor:,$\backslash$table$[[$Est$.],[$Residual$]],],[$Fibreglass body,Apr. $\frac{9}{15},$SL$,$Cost $$40,508,$Residual,Est.Life$],[$Motor$,$Apr. $9/15,$SL$,\backslash$table$[[$$$40,500$