Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine #5027 Component Single metal housing Date of purchase Jah. 12/18 Depreciation Est. Method Motor Blade Jan. 12/18 Jan. 12/18 SL DOB Cost $42,000 29,000 Residual Est.Life $3,000 15 yrs SL 9,600 1,000 $80,600 2,000 10 yrs 5 yrs *SL Straight-line; DDB Double-declining-balance On January 7, 2020, the machine blade cracked and it was replace with a new one costing $11,000 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 20 years instead of 15 years and that the residual value should be increased to $8,900. Required: 1. Prepare the entry to record the purchase of the replacement blade. View transaction list Journal entry worksheet 2 Record replacement/sale of old blade. Note: Enter debits before credits Date General Journal Jan 07, 2020 Accumulated depreciation, machine #5027-blade Loss on disposal Debit Credit Record entry Clear entry View general journal