On April 30, 2020, Martinez 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 $95 million, with an estimated useful life of 12 years and residual value of $30 million. Martinez 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 per Engines (6) 7 million $965,000 8 years $100.000 per Varies with activity engine engine Hull 7.70 million $3,500,000 $509,000 10 years Highest in early years Evenly over life of body 12.00 million Body $85.71 million $15.51 million 15 years The ship's first voyage took place on August 1, 2020. The ship sailed a total of 315,000 nautical miles in 2020. Martinez prepares financial statements in accordance with IFRS. Prepare the journal entry to record the purchase of the ship, assuming that Martinez 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 for the amounts.) Date Credit Debit Account Titles and Explanation > June 30, 2020