M WileyPLuS Phil Collins Reaity Carporst https://edugen.wileyplus.com/edugenv/st

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M WileyPLuS Phil Collins Reaity Carporst https://edugen.wileyplus.com/edugenv/student/mainfr.uni US Kieso, Intermediate Accounting, 16e ?? INTERM EDIATE ACCOUNTING I & II (CBAD 330 Practice Gradebook ORION Downloadable eTextbook Exercise 9-11 g key raw materials for its manufacturing process. The company therefore signed a long term noncancelable purchase commitment with its largest su 2017, at an agreed price of 5406.,800. At December 31, 2017, the raw material had dedlined in price to $369,860 r plier of this raw material on Noven What entry would you make on December 31, 2017, to recognize these facts? (Credit account titles are automatically indented when amount is entered. Do not indent menually. If no e account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Open Show Work LIST OF ACCOUNTS SAVE FOR LATER Question Attempts: 0 of 2 used sns Ioc. All Rights Reserved. A Division of John wiley R

Explanation / Answer

Date Account titles and explanation Debit Credit Dec. 31 Unrealized holding gain or loss-Income($406,800 - $369,860) $36,940 Estimated liability on purchase $36,940

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