Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2015, for $119,000. The PPE subledger shows the following information regarding the boat: Fishing Boat - 22 Foot with Inboard Motor: Component Fibreglass body Motor Date of Purchase Deprec. Method Cost Est. Residual Apr. 9/15 Apr. 9/15 SL SL $ 45,000 74,000 $119,000 $9,000 -0- Est. Life 15 yr 10 yr On June 27, 2023, $80,000 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 $5,000. Early in 2023, 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, 2023. View transaction list Journal entry worksheet Date General Journal Debit Credit Jan 02, 2023 Record entry Clear entry View general journal 2. Prepare entries to record depreciation on the machine on December 31 of its first year and on September 30 in the year of its disposal. (Round intermediate calculations to the nearest whole dollar.) View transaction list Journal entry worksheet 2. Prepare entries to record depreciation on the machine on December 31 of its first year and on September 30 in the year of its disposal. (Round intermediate calculations to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 Record the depreciation. Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit > 3. Prepare entries to record the retirement of the machine under each of the following unrelated assumptions: a. It was sold for $24,000. View transaction list Journal entry worksheet < 1 Record the sale of machine for $24,000. Note: Enter debits before credits. Date Sep 30, 2028 General Journal Debit Credit b. It was sold for $30,000. View transaction list Journal entry worksheet 1 Record the sale of machine for $30,000. Note: Enter debits before credits. Date Sep 30, 2028 General Journal Debit Credit c. It was destroyed in a fire and the insurance company paid $29,000 in full settlement of the loss claim. View transaction list Journal entry worksheet 1 Record the disposal of machine on full settlement by insurance company. Note: Enter debits before credits. Date Sep 30, 2028 General Journal Debit Credit View transaction list Journal entry worksheet 1 2 Record to update depreciation in 2023 regarding motor being replaced. Note: Enter debits before credits. Date June 27, 2023 General Journal Debit Credit Record entry Clear entry View general journal > b. Depreciation taken on the fishing boat (body plus motor) on December 31, 2023, the company's year-end. (Do not round intermediate calculations and round final answers to whole dollars.) View transaction list Journal entry worksheet < 1 Record revised depreciation for 2023 on the boat (boat body plus motor). Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit 2. Calculate total depreciation taken on the fishing boat (body plus motor) for the company's year ended December 31, 2023. (Round the final answers to the nearest whole dollar.) Total 2023 depreciation 1 Vita Water purchased a used machine for $120,500 on January 2, 2023. It was repaired the next day at a cost of $8,288 and installed on a new platform that cost $1,612. The company predicted that the machine would be used for six years and would then have a $23,120 residual value. Depreciation was to be charged on a straight-line basis to the nearest whole month. A full year's depreciation was recorded on December 31, 2023. On September 30, 2028, it was retired. Required: 1. Prepare journal entries to record the purchase of the machine, the cost of repairing it, and the installation. Assume that cash was paid. View transaction list Journal entry worksheet 1 2 3 Record purchase of machine. Note: Enter debits before credits. Date General Journal Debit Credit >