The backside of the boat will be crucial in solving this one

If you are confused, maybe a boat ride will clear your head

First, dock the boat at the Color Swamp with the front end facing towards the mountain. This can be done by either riding it here from the Treehouse dock (or any other dock that would pass the Treehouse dock when headed for the Color Swamp). Alternatively, if you are in the Color Swamp and the boat is elsewhere, simply summon it up using the boat summoning panel and it will appear here oriented correctly.

With the boat in place, find your way to the small rocky peninsula just north of the dock. (From the boat, walk down the dock and hug the right side until you reach a path heading back towards the dock.) Facing the back side of the boat, you'll notice that its reflection in the water forms a circle. You should have no trouble lining up the rest of the puzzle, which continues up and around the small boat shelter here.

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Just make sure you dock it in the Marsh area when you're finished

More than a short walk away from the obelisk

Found in one of the more colorful areas of the island

It is above ground

More accurately, it is found above water

This puzzle is found in the Color Swamp area (the Marsh)