Question: Please do the part which are wrong thank you! Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on

Please do the part which are wrong thank you!
Please do the part which are wrong thank you! Ocean Fishers Ltd
had a 22-foot fishing boat with an inboard motor that was purchased

Ocean Fishers Ltd had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $14,000. The PPE subledger shows the following information regarding the boat Fishing bont - 22 Foot with Taboard Motor: Deprec. Component Date of Purchase Fibreglass body Apr. 9/12 SL $ 42,000 $9,000 Motor 72,000 $114,000 Method Cost Est. Residual Eat.Life Apr. 9/12 SL -0- 15 Y 10 y On June 27, 2020, $78,000 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 $3.000. Early in 2020, it was determined that the useful life of the boots 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. Answer is complete and correct. Credit No Da June 27.2020 Debat 3,600 1 Goal Journal Depreciation expone, boat - motor Accumulated depreciation boat - motor 3,000 2 June 27, 2020 78,000 50.400 12.500 Bont-motor (new) Accumulated depreciation, bast-motor Lots on disposal Boot-motor (old) Cash Ooooo 72.000 78,000 b. Depreciation taken on the fishing boat (body plus motor) on December 31, 2020, the company's year-end. (Do not round Intermediate calculations and round final answers to whole dollars.) Dabli Answer is complete but not entirely correct. General Journal Depreciation expenso, boat Accumulated depreciation boat No 1 Credit Dec 31, 2020 1,243 8,027 2. Calculate total depreciation taken on the fishing boat body plus motor) for the company's year ended December 31, 2020. (Round the final answers to the nearest whole dollar) Answer is complete but not entirely correct. S 25,000

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