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 Single metal housing Jan. 12/18 Motor Blade Jan. 12/18 SL DDB $ 68,000 28,000 $ 8,000 Est. Residual Est.Life 15 yrs 6,000 10 yrs Jan. 12/18 SL 8,920 1,600 5 yrs $104,920 *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $14,200 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 20 years instead of 15 years and that the residual value should be increased to $10,500. Required: 1. Prepare the entry to record the purchase of the replacement blade. View transaction list Journal entry worksheet < 1 2 Record installation of new blade. Note: Enter debits before credits. Date General Journal Debit Credit >