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Question: Preparing the Journal Entry to Record Lower of Cost or Market (LCM) Adjustments RadioShack Corporation (RadioShack) sells consumer electronic goods and services through its 4,972 stores and 777 kiosks. In its annual report filed with the SEC for a recent year, the company reported that it wrote down inventory by approximately $62,000,000 because its cost exceeded its market value. Show the journal entry that the company would have made to record this adjustment as well as the effects on the accounting equation.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93078693

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