Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $74,000. 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

$

3,000

15 yr

Motor

Apr. 9/12

SL

56,000

-0-

10 yr

$

74,000

On June 27, 2020, $55,000 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 $7,000. 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.

Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $74,000. The PPE subledger shows the following information regarding the boat: Component Fibreglass body Motor Fishing Boat - 22 Foot With Inboard Motor: Deprec. Est. Date of Purchase Method Cost Residual Apr. 9/12 SL $18,000 $3,000 Apr. 9/12 SL 56,000 -0- $ 74,000 Est. Life 15 yr 10 yr On June 27, 2020, $55,000 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 $7,000. 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 > Record to update depreciation in 2020 regarding motor being replaced. 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 Record revised depreciation for 2020 on the boat (boat body plus motor). Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journal Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journal 2. Calculate total depreciation taken on the fishing boat (body plus motor) for the company's year ended December 31, 2020. (Round the final answers to the nearest whole dollar.) Total 2020 depreciation