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How would you account for this contract

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Question - It's the end of November, 2021 and you need to plan for 2022. You've decided to contract with a new supplier for reagents. You and the new supplier, Lab Reagents Inc, have signed a contract that states that in 2022, you will purchase a minimum of $150,000 worth of reagents and the supplier has a agreed to provide these reagents at a discount of 20% of the list price. How would you account for this contract?

Reference no: EM133123689

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