Contract A is the future purchase of 1000 tonnes of special in ingots at a cost of $550 per tonne. the spot price at the year end was $500 per tonne. processing costs are $150 per tonnee. the processsed ingots can be sold for $ 650 per tonne.

DETERMINE IS IT ONEROUS CONTARCT. PREPARE JOURNAL ENTRIES AND WHAT AMOUNT OF PROVISION SHOULD BE RECOGNISED

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