$$:

Prepare the entry to record the purchase of the replacement blade.

Answer is complete but not entirely correct.

Calculate the total depreciation expense to be recorded on Machine #$5027$ for $2023.$

Answer is complete but not entirely correct.Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine

#$5027.$

$*$SL $=$ Straight$-$line; DDB $=$ Double$-$declining$-$balance

On January $7,2023,$ the machine blade cracked and it was replaced with a new one costing $$14,000$ 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 $18$ years instead of $15$ years and that the residual value should be increased to $$10,400.$

Required:

Prepare the entry to record the purchase of the replacement blade.

Calculate the total depreciation expense to be recorded on Machine #$5027$ for $2023.$

Answer is complete but not entirely correct.