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Sheridan company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $1,001,800. at december 31, 2020, the raw materials to be purchased have a market value of $948,900. in 2021, sheridan paid $1,001,800 to obtain the raw materials which were worth $948,900. prepare the entry to record the purchase
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