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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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