Northland Shows Ltd. acquired a new amusement ride on July 1. The following details apply to...

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Northland Shows Ltd. acquired a new amusement ride on July 1. The following details apply to the purchase: Cost per supplier's invoice (The invoice provided a 1% cash discount if paid within 30 days. It was paid on July 15.) $20,000 Cash payment on July 4 to Dalton Construction Ltd. for 4,000 cement base for new ride Transportation paid on purchase, July 5 520 Insurance for operation of ride paid in cash on July 5 for three-year term, commencing July 6 90 Alterations to new ride paid in cash July 5 (25% of this will be reimbursed by the vendor) 900 Installation costs paid in cash July 6 188 Required: 1. Prepare journal entries to record the acquisition of Northland's new ride. 2. Calculate the carrying amount of the asset. Northland Shows Ltd. acquired a new amusement ride on July 1. The following details apply to the purchase: Cost per supplier's invoice (The invoice provided a 1% cash discount if paid within 30 days. It was paid on July 15.) $20,000 Cash payment on July 4 to Dalton Construction Ltd. for 4,000 cement base for new ride Transportation paid on purchase, July 5 520 Insurance for operation of ride paid in cash on July 5 for three-year term, commencing July 6 90 Alterations to new ride paid in cash July 5 (25% of this will be reimbursed by the vendor) 900 Installation costs paid in cash July 6 188 Required: 1. Prepare journal entries to record the acquisition of Northland's new ride. 2. Calculate the carrying amount of the asset.