Prepare journal entries at year end and at date of purchase, Accounting Basics

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Prepare journal entries at year end and at date of purchase

Response to the following problem:

Dani Corporation signed a binding commitment on December 2 to purchase inventory at a cost of $300,000 on January 2. By December 31, the market price (replacement cost) of the inventory had declined to $280,000. Prepare Dani Corporation's journal entries at year-end and at the date of purchase.

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Accounting Basics: Prepare journal entries at year end and at date of purchase

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