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Suppose your firm receives a $ 1 0 million order on the last day of the year. You fill the order with inventory, which is

Suppose your firm receives a $10 million order on the last day of the year. You fill the order with inventory, which is worth $8 million. The customer picks up the entire onder the sume day and pays $3 million upfront in cash. You issue a bill for the cusitomer to pay the remainins balance of $7 million in 30 days. Assume the corporate taxes are ignored (i.e, taxrs rate =0%. Determine how each of the following entries would change due to this transaction.
(a) Revenues
(b) Net Income
(c) Accounts Receivable
(d) Inventory
(e) Cash
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