Question: Explain your answer step by step E3 In December, a firm contracted to purchase 200 units of prefabricated housing walls at $4,000 per wall. The

Explain your answer step by step E3 In December, a firm

Explain your answer step by step

E3 In December, a firm contracted to purchase 200 units of prefabricated housing walls at $4,000 per wall. The contract is neither cancelable nor subject to revision. By December 31, the market price per wall had dropped to $3,900. In January, at the payment date, the market price of the prefabricated housing walls decreased to $3,850, the following entry would be made: Prepare the adjusting entry at December 31 and the January journal entry reflecting payment and the market price decrease

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