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Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process....

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Accounting

Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2014, at an agreed price of $673,850. At December 31, 2014, the raw material had declined in price to $647,230. What entry would you make on December 31, 2014, to recognize these facts?

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