During 2007 the Boge Corporation signed a noncancelable contract to purchase 10,000 bushels of soybeans at $5
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During 2007 the Boge Corporation signed a noncancelable contract to purchase 10,000 bushels of soybeans at $5 per bushel with delivery to be made in 2008. On December 31, 2007, the price of soybeans had fallen to $4.50 per bushel. On May 1, 2008, the Boge Corporation takes delivery of the soybeans when the price is $4.75 per bushel.
Required
Prepare the journal entries required on December 31, 2007 and May 1, 2008.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Loss Computation Commitment 10000 bushels at 5 50000 Market 10000 bush...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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