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Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding...

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Accounting

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 $11,200 purchased for cash (the old blade
was scrapped). The new blade had an estimated residual value of $1,000 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 17 years instead of 15 years and that the residual value should be increased to $9,000.
Required:
Prepare the entry to record the purchase of the replacement blade.
Journal entry worksheet
12
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