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Nicole's Necklaces purchased a diamond necklace two years ago for $700 that it will resell later. However, due to a decrease in the popularity of

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Nicole's Necklaces purchased a diamond necklace two years ago for $700 that it will resell later. However, due to a decrease in the popularity of pearls, the necklace is now only worth $400. What journal entry will Nicole make after applying the lower of cost or market rule? Do not use "\$" in your answers. Dr. Cr

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