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 Date of purchase Jan. 12/22 Depreciation Method* Jan. 12/22 SL DDB Cost $ 80,000 Est. Residual Est. Life 41,000 Blade Jan. 12/22 SL 16,800 $137,800 $ 8,000 6,000 1,400 15 yrs 10 yrs 5 yrs *SL = Straight-line; DDB = Double-declining-balance On January 7, 2023, the machine blade cracked and it was replaced with a new one costing $13,400 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 2023, 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 $10,100. Required: 1. Prepare the entry to record the purchase of the replacement blade. View transaction list View journal entry worksheet No Date General Journal 1 Jan 07, 2023 Machine #5027 blade (new) Accumulated depreciation, machine #5027 -blade Debit Credit