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 Motor Jan. 12/18 SL DDB $ 46,000 Blade Jan. 12/18 SL 32,000 11,400 $7,000 2,000 1,200 15 yrs 10 yrs 5 yrs $ 89,400 *SL = Straight-line; DDB = Double-declining-balance On January 7, 2020, the machine blade cracked and it was replaced with a new one costing $11,600 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,500 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 18 years instead of 15 years and that the residual value should be increased to $9,200. Required: 1. Prepare the entry to record the purchase of the replacement blade. View transaction list 1 Record installation of new blade. 2 Record replacement/sale of old blade. Note : journal entry has been entered Record entry Clear entry ebit Credit View general journal 2. Calculate the total depreciation expense to be recorded on Machine #5027 for 2020. Total Depreciation expense