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Business, 24.09.2019 02:00 rydro6915

During the current fiscal year, jeremiah corp. signed a long-term noncancellable purchase commitment with its primary supplier. jeremiah agreed to purchase $1.5 million of raw materials during the next fiscal year under this contract. at the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $1.2 million. what is the journal entry at the end of the current fiscal year?

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During the current fiscal year, jeremiah corp. signed a long-term noncancellable purchase commitment...
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