Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027 Machine #5027 Depreciation Method* Date of purchase Jan. 12/18 Jan. 12/18 Jan. 12/18 Component Single metal housing Motor Blade SL Est. Residual Est. Life $7,000 15 yrs 2,000 10 yrs 1,2005 yrs Cost $ 46,000 32,000 11,400 $ 89,400 DDB SL *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 Journal entry worksheet 2 Record installation of new blade. Note: Enter debits before credits. Date General Journal Debit Credit Jan 07, 2020 Record entry Clear entry View general journal 2. Calculate the total depreciation expense to be recorded on Machine #5027 for 2020. Total Depreciation expense