Use the information presented in BE8-11 for Keyser Woodcrafters but assume that the recourse obligation has a
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Use the information presented in BE8-11 for Keyser 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 Keyser’s financial statements.
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The entry for the sale now would be Cash 200000 200000 X 05 04 182000 Due from Factor ...View the full answer
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Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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