Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2009, for $114,000. The PPE Sub ledger shows the following information regarding the boat: Fishing Boat - 22 Foot With Inboard Motor: Date of Component Deprec. Cost Est. Purchase Method Fibreglass body Apr. 9/09 SL $ 42,000 $9,000 15 yr Motor Apr. 9/09 SL 72,000 10 yr Residual Est.Life $ 114,000 On June 27, 2017, $78,000 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 $3,000. Early in 2017, 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, 2017. (If no entry is required for a transaction, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record depreciation in 2017 regarding motor being replaced. Note: Enter debits before credits. Date General Journal Debit Credit June 27, 2017 Record entry Clear entry View general journal Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2009, for $114,000. The PPE Sub ledger shows the following information regarding the boat: Fishing Boat -22 Foot With Inboard Motor: Date of Deprec. Component Est. Cost Purchase Est. Life Residual Method Fibreglass body Apr. 9/09 SL $ 42,000 $9,000 15 yr Motor Apr. 9/09 SL 72,000 10 yr $ 114,000 On June 27, 2017, $78,000 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 $3,000. Early in 2017, 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, 2017. (If no entry is required for a transaction, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record replacement of motor. Note: Enter debits before credits. Date General Journal Debit Credit June 27, 2017 Record entry Clear entry View general journal