Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $99,000. The PPE subledger shows the following information regarding the boat: Fishing Boat - 22 Foot with Inboard Motor: Component Fibreglass body Date of Purchase Deprec. Method Motor Apr. 9/12 Apr. 9/12 SL SL Cost $33,000 66,000 $99,000 Est. Residual $6,000 -0- Est.Life 15 yr 10 yr On June 27, 2020, $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 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.