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Propose an adjusting entry or not

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Reference no: EM132785016

Problem 1: Subsequent to the land purchase, Hwang purchased certain equipment from a vendor who had filed for bankruptcy. Hwang's management believes that the equipment was purchased for an amount equal to approximately half what at least one other supplier sells it for. Hwang recorded the transaction at its cost. Propose an adjusting entry or not? if yes, what entry it will be and why?

Reference no: EM132785016

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