Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $86,500. The PPE subledger shows the following information regarding the boat: Fishing Boat - 22 Foot with Inboard Motor: Component Fibreglass body Date of Purchase Motor Apr. 9/12 Apr. 9/12 Deprec. Method SL SL Cost $25,500 61,000 $86,500 Est. Residual $6,000 Est. Life 15 yr -0- 10 yr On June 27, 2020, $67,000 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. View transaction list View journal entry worksheet No 1 Date General Journal Debit Credit June 27, 2020 Depreciation expense, boat - motor 3,050 Accumulated depreciation, boat - motor 3,050 2 June 27, 2020 Boat - motor (new) 67,000 Accumulated depreciation, boat - motor 50,325 Loss on disposal 10,675 Boat - motor (old) 61,000 Cash 67,000