MY opinion is legally, you owe him nothing...
BUT
Let your conscience be your guide. If you feel like you owe him, then morally it might be a good idea to throw him a bone. NOT the whole amount, but let him keep the engine and give him some $$ to sweeten the deal.. If it were me I'd probably throw him $200 and be done with it. But I'd also tell him that I was giving him the extra money because he's a friend, that I value that friendship, and wanted no hard feelings.
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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