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Determine the acquisition cost of the boat

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Reference no: EM132835884

Santa Rosa recently purchased a new boat to help ship product overseas. The following information is related to that purchase:

Purchase price $840,000
Cost to bring boat to production facility $25,000
Yearly insurance cost $3,600
Annual maintenance cost of $12,000
Cost to make the boat handicap accessible $9,000
Received 8% discount on sales price

Problem 1: Determine the acquisition cost of the boat, and record the journal entry needed.

Reference no: EM132835884

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