On April 30, 2020, Indigo Corporation ordered a new passenger ship, which was delivered to the designated cruise port and available for use as of June 30, 2020. Overall, the cost of the ship was $93 million, with an estimated useful life of 12 years and residual value of $30 million. Indigo expects that the new ship, as a whole, will provide its greatest economic benefits in its early years of operation. After further research and discussion with management, it is determined that the ship consists of major parts with differing useful lives, residual values, and patterns of providing economic benefits: Pattern of benefits Total output (nautical miles) Part Cost Useful life Residual value Engines (6) $955.000 per engine 8 years $120.000 per engine Varies with activity 7 million Hull $3.950.000 10 years $506,000 7.60 million Highest in early years Evenly over life of body Body $83.32 million 15 years $15.28 million 12.60 million The ship's first voyage took place on August 1. 2020. The ship sailed a total of 322.000 nautical miles in 2020. Indigo prepares financial statements in accordance with IFRS. Prepare the journal entry to record the purchase of the ship, assuming that Indigo paid cash for the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit June 30, 2020