Ocean Fishers Ltd had a $22-$foot fishing boat with an inboard motor that was purchased on April $9,2012,$ for $$75,000.$ The PPE subledger shows the following information regarding the boat:

Fishing Boat $22$ Foot With Inboard Motor:

Component Date of Purchase Deprec.

Method Cost Est.

Residual Est.Life

Fibreglass body Apr. $9/12$ SL $ $18,000$ $ $3,00015$ yr

Motor Apr. $9/12$ SL $57,000-0-10$ yr

$ $75,000$

On June $27,2020,$ $$63,000$ cash was paid for a new motor to replace the old one, which was scrapped. The new motor had an estimated useful life of $12$ years and a residual value of $$3,000.$ 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 $27,2020.$

b$.$ Depreciation taken on the fishing boat $($body plus motor$)$ on December $31,2020,$ the company$$s year$-$end. $($Do not round intermediate calculations and round final answers to whole dollars.$)$