Ocean Fishers Ltd had a $22-$foot fishing boat with an inboard motor that was purchased on April $9,2015,$ for $$101,500.$ 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. $9/15$ SL $ $34,500$ $ $6,00015$ yr

Motor Apr. $9/15$ SL $67,000-0-10$ yr

$ $101,500$

On June $27,2023,$ $$73,000$ cash was paid for a new motor to replace the old one, which was scrapped. The new motor had an estimated useful life of $12$ years and a residual value of $$4,000.$ Early in $2023,$ 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:

$1.$ Record the appropriate entries regarding the

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