Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027.

Machine #5027
Component	Date of purchase	Depreciation Method*	Cost			Est. Residual			Est.Life
Single metal housing	Jan. 12/18	SL	$	42,000		$	6,000		15 yrs
Motor	Jan. 12/18	DDB		30,000			2,000		10 yrs
Blade	Jan. 12/18	SL		10,200			1,000		5 yrs
			$	82,200

*SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $11,200 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,000 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 17 years instead of 15 years and that the residual value should be increased to $9,000. Required: 1. Prepare the entry to record the purchase of the replacement blade.

Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine \#5027. 'SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $11,200 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,000 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 17 years instead of 15 years and that the residual value should be increased to $9,000. Required: 1. Prepare the entry to record the purchase of the replacement blade