Santa Rosa recently purchased a new boat to help ship product overseas. The following information is related
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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 $25,000
• Yearly insurance cost $25,000
• Annual maintenance cost of $30,000
• Received 8% discount on sales price
Determine the acquisition cost of the boat, and record the journal entry needed.
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The acquisition cost of the boat 4500000 40000 25000 25000 30000 44700...View the full answer
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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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