Current Attempt in Progress Coronado Commodities Company signed a long-term noncancelable purchase commitment with...

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Accounting

Current Attempt in Progress
Coronado Commodities Company signed a long-term noncancelable purchase commitment with a major vegetable supplier to
purchase produce in 2021 at a cost of $585,000. At December 31,2020, the produce to be purchased has a market value of $526,500.
Prepare any necessary December 31,2020 entry. (Credit account titles are automatically indented when amount is entered. Do not indent
manually.)
Date Account Titles and Explanation
Debit
Credit
Dec. 31
image

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