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Determine the acquisition cost of the boat

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Reference no: EM132534063

Question - 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.

Required - Determine the acquisition cost of the boat, and record the journal entry needed.

Reference no: EM132534063

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