Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2009, for $99,000. The PPE Sub ledger 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. 9/09

SL

$

33,000

$

6,000

15 yr

Motor

Apr. 9/09

SL

66,000

-0-

10 yr

$

99,000

On June 27, 2017, $72,000 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 $6,000. Early in 2017, 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, 2017. (If no entry is required for a transaction, select "No journal entry required" in the first account field.)