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Brief Exercise 9-7 Pharoah Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a cost of
Brief Exercise 9-7
Pharoah Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2018 at a cost of $1,024,100. At December 31, 2018, the raw materials to be purchased have a market value of $978,600. Prepare any necessary December 31, 2018 entry.
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