Seasons Resort owns several types of property, plant and equipment (PPE) to cater to tourists in Brisbane. The business has a financial year end on 30 September every year and uses different depreciation methods for each type of PPE. On 1 October 2018, Seasons Resort acquired land, building and a cruise boat from another hotel that is closing down for a total amount of $1 million using a bank loan. The estimated fair values of these assets then were as follows: Land: $750,000 Building: $300,000 Boat: $450,000 The boat is depreciated using the straight-line method at an annual rate of 20% with a residual value of $50,000. On 1 October 2020, Seasons Resort paid $30,000 for a new turbo engine to replace the old engine with a net carrying amount estimated at $20,000. This changed its residual value to $60,000 but will not extend its useful life. ii. Assuming annual depreciation expense is recorded at each financial year end, record the overhaul of the boat engine on 1 October 2020. [7 marks]