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Business, 12.09.2019 21:10 hamichrit2412

In 2017, orear manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. before the december 31, 2017 balance sheet date, the market price for these materials dropped to $510,000. the journal entry to record this situation at december 31, 2017 will result in a credit that should be reporteda) as an appropriation of retained earnings. b) as a valuation account to inventory on the balance sheet. c) on the income statement. d) as a current liability.

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