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Position the cursor over the other boat's position, and with one push of the WPTS key you can save the cursor position as a waypoint.
The waypoint includes the latitude/longitude, bearing/distance, a 16-character name, and a 32-character comment.
Hi, just checking in on your question, do you need any further assistance?
This is the only method available on the C120 - you have to hold the cursor steady over the other boat.
Another way to get the other boat's position is they have a GPS on board and tell you their exact location.