Use the information presented in BE7-11 for Arness Woodcrafters but assume that the recourse obligation has a
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Use the information presented in BE7-11 for Arness Woodcrafters but assume that the recourse obligation has a fair value of $4,000, instead of $8,000. Prepare the journal entry and discuss the effects of this change in the value of the recourse obligation on Arness’s financial statements.
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The entry for the sale now would be Cash 250000 250000 X 05 04 Due from Facto...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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