Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $79,000. The PPE subledger shows the following information regarding the boat: Fishing Boat - 22 Foot With Inboard Motor: Deprec. Est. Component Fibreglass body Motor Date of Purchase Method Apr. 9/12. SL Apr. 9/12 SL Cost $21,000 58,000 $79,000 Residual $3,000 -0- Est.Life 15 yr 10 yr On June 27, 2020, $64,000 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 Journal entry worksheet > C