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On October 5, Pharoah Company buys merchandise on account from Concord Company. The selling price of the goods is $5,160, $740 and a fair value

On October 5, Pharoah Company buys merchandise on account from Concord Company. The selling price of the goods is $5,160, $740 and a fair value of $150.

Record the transactions on the books of Pharoah Company.

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