Mercruiser 4.3 Flywheel Housing Bushing Spacer

[AMMO DAWG]

I'm getting ready to replace the two bushings in my flywheel housing, the old ones are in bad shape and the seriated edges are all flattened. I see thy have to be pressed our and new ones pressed in, my question is on the picture attached the spacer, does it get installed on top and then the assembly is pressed in or push in from the top. I'm pretty sure it is the first option, just was hoping someone out there has previously replaced them, thanks in advance