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Cedar Fair purchased a new ride for $26,000,000, less a $1,000,000 discount. Cedar Fair paid $125,000 for transportation and $625,000 for installation of the ride.

Cedar Fair purchased a new ride for $26,000,000, less a $1,000,000 discount. Cedar Fair paid $125,000 for transportation and $625,000 for installation of the ride.

Prepare the journal entry for the acquisition assuming Cedar Fair signed a note payable for the new roller coaster and paid cash for the transportation and installation costs.

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