Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027 Machine #5027 Component Single metal housing Motor Blade Date of Depreciation purchase Method Cost Jan. 12/18 SI $ 68,000 Jan. 12/18 DDB 29,000 Jan. 12/18 SL 9,520 $106,520 Est. Residual Est.Life $5,000 15 yrs 10 yrs 1,600 5 yrs 5,000 *SL Straight-line; ODB - Double declining balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $14.400 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2020, it was determined that the useful life on the metal housing should be increased to a total of 16 years instead of 15 years and that the residual value should be increased to $10,600. Required: 1. Prepare the entry to record the purchase of the replacement blade. View transactions View journal entry worksheet 2. Calculate the total depreciation expense to be recorded on Machine #5027 for 2020. Total Depreciation expense