Santa Rosa recently purchased a new boat to help ship product overseas. The following information is...
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Santa Rosa recently purchased a new boat to help ship product overseas. The following information is related to that purchase: Purchase price $4,500,000 Cost to bring boat to production facility $30,000 Yearly insurance cost $30,000 Annual maintenance cost of $38,000 Received 10% discount on sales price A. Determine the acquisition cost of the boat. B. Record the journal entry needed. If an amount box does not require an entry, leave it blank. Santa Rosa recently purchased a new boat to help ship product overseas. The following information is related to that purchase: Purchase price $4,500,000 Cost to bring boat to production facility $30,000 Yearly insurance cost $30,000 Annual maintenance cost of $38,000 Received 10% discount on sales price A. Determine the acquisition cost of the boat. B. Record the journal entry needed. If an amount box does not require an entry, leave it blank.
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