Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $101,500. The PPE subledger shows the following information regarding the boat: Fishing Boat - 22 Foot With Inboard Motor: Component Fibreglass body Motor Date of Purchase Apr. 9/12 Apr. 9/12 Deprec. Method SL SL Cost $34,500 67,000 $101,500 Est. Residual $6,000 -0- Est.Life 15 yr 10 yr On June 27, 2020, $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 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. Answer is complete and correct. No Date General Journal Debit Credit 1 June 27, 2020 Depreciation expense, boat - motor 3,350 Accumulated depreciation, boat-motor 3,350 2 June 27, 2020 Boat-motor (new) 73,000 Accumulated depreciation, boat-motor 55,275 Loss on disposal 11,725 Boat-motor (old) 67,000 Cash 73,000