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Arness woodcrafters but assume that the recourse obligation

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1. Use the information presented in BE7-11 for Arness 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 Arness's financial statements.

Reference no: EM131113054

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