Ronson recently purchased a new boat to help ship product overseas. The following information is related to
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Ronson 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 $15,000
• Yearly insurance cost $12,000
• Pays annual maintenance cost of $22,000
• Received a 10% discount on sales price
Determine the acquisition cost of the boat and record the journal entry needed.
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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