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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 5
Preparing the Journal Entry to Record Lower of Cost or Market (LCM) Adjustments
In its 2012 annual report Research in Motion reported that it wrote down its PlayBook inventory by $485,000,000 because its cost exceeded its market value. Show the effects of this adjustment on the accounting equation and show the journal entry that the company would have made to record it.
In its 2012 annual report Research in Motion reported that it wrote down its PlayBook inventory by $485,000,000 because its cost exceeded its market value. Show the effects of this adjustment on the accounting equation and show the journal entry that the company would have made to record it.
Explanation
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Verified
Cost exceeds the market value by $485,00...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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