Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $111,500. 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 $ 40,500 71,000 $111,500 Est. Residual $9,000 -0- Est.Life 15 yr 10 yr On June 27, 2020, $77,000 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 $2,000. 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 View journal entry worksheet No Date 1 June 27, 2020 General Journal Depreciation expense, boat - motor Accumulated depreciation, boat - motor Debit Credit 2 June 27, 2020 Boat motor (new) Accumulated depreciation, boat - motor Loss on disposal Boat motor (old) Cash