On October 1, 2013, Sloan Oil Inc. entered into a 6-month, $650,000 purchase commitment for a supply

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On October 1, 2013, Sloan Oil Inc. entered into a 6-month, $650,000 purchase commitment for a supply of oil. On December 31, 2013, the market value of oil had fallen to $563,000. Make the journal entries necessary on December 31, 2013, and on March 31, 2014, assuming that the market value of the inventory on March 31 is $430,000.
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Intermediate Accounting

ISBN: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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