Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Chapter 11, Problem 9EA

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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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 $37,000 • Received 8% discount on sales price A. Determine the acquisition cost of the boat. B. Record the journal entry needed. If an amount box does not require an entry, leave it blank. 10
Santa Rosa recently purchased a new boat to help ship product overseas. The followinginformation 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 priceDetermine 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.

Chapter 11 Solutions

Principles of Accounting Volume 1

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