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Santa Cruz recently purchased a new boat to help ship product overseas. The following information...

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Accounting

  1. Santa Cruz 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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