Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $114,000. The PPE subledger shows the following information regarding the boat: Fishing Boat - 22 Foot With Inboard Motor: Deprec. Est. Component Date of Purchase Method Cost Residual Est. Life Fibreglass body Apr. 9/12 SL $ 42,000 $9,000 Motor Apr. 9/12 72,000 $114,000 SL 15 yr 10 yr On June 27, 2020, $78,000 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. View transaction list Journal entry worksheet 1 2 > N Record to update depreciation in 2020 regarding motor being replaced. Note: Enter debits before credits. General Journal Debit Credit Date June 27, 2020 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet