[Solved] During 2 0 2 3 , Maxwell Inc. entered a c

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During 2 0 2 3 , Maxwell Inc. entered a contract to purchase a retail location for a total cost of $ 1 , 0

During

2023,

Maxwell Inc. entered a contract to purchase a retail location for a total cost of $

1, 000, 000 .

Under the terms of the contract, the purchase will close on June

30, 2024 .

Required: Describe the accounting treatment of this event in Maxwell Inc.

2023

financial statements.

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