Business, 20.07.2019 22:10 arivalen

During the prior fiscal year, lindon inc. signed a long-term noncancellable purchase commitment with its primary supplier to purchase $1.7 million of raw materials. lindon paid the $1.7 million to acquire the raw materials when the raw materials were only worth $1.4 million. assume that the purchase commitment was properly recorded. what is the journal entry to record the purchase?

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During the prior fiscal year, lindon inc. signed a long-term noncancellable purchase commitment with...