Final answer:
Sturm Company would not record the yacht as an asset, liability, or revenue since it is a personal purchase by a partner and not related to the company's operations.
Step-by-step explanation:
If a partner in Sturm Company purchased a new yacht for personal use with his own funds, Sturm Company would not record the yacht on its books. Accounting principles require that business transactions be separate from the personal transactions of its owners, partners, or shareholders. Since the yacht is a personal purchase and not an asset used for the company's operations or a transaction made in the company's name, it should not be reflected in Sturm Company's financial statements.