Question: During 2 0 2 3 , Maxwell Inc. entered a contract to purchase a retail location for a total cost of $ 1 , 0

During 2023, Maxwell Inc. entered a contract to purchase a retail location for a total cost of $1,000,000. Under the terms of the contract, the purchase will close on June 30,2024.
Required: Describe the accounting treatment of this event in Maxwell Inc.s 2023 financial statements.

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