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Cousin Pyramid Ponzi Scheme Company replaced an engine, an integral part, on one of their yachts. The yacht originally cost $15,000,000, had a remaining life of three years, and an estimated salvage value of $200,000 exclusive of the engine.
The engine was valued at $1,500,000 when the yacht was purchased and was properly debited to the asset account titled "Engine." The engine had $1,200,000 of up-to-date accumulated depreciation at the time of replacement and there was no estimated salvage value for the engine. The new engine cost $2,000,000, paid for with cast, and has an expected life of 5 years and no salvage value. The new engine will increase the life of the yacht and provide for better diesel fuel usage.
Required: Prepare the journal entry for the new engine replacement.
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