(Solved): Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, ...

Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $$\$96,500$$. The PPE subledger shows the following information regarding the boat: On June 27, 2020, $$\$71,000$$ cash was paid for a new motor to replace the old one, which was scrapped. The new motor had an estimated useful life of 12 years and a residual value of $$\$5,000$$. Early in 2020 , it was determined that the useful life of the boat's fibreglass body should be adjusted to a total of 20 years with no change in the residual value. Required: 1. Record the appropriate entries regarding the a. Purchase of the replacement motor on June 27, 2020.