I am trying to figure out how to calculate a repurchase agreement sing the information below:
Entered in agreement on Feb 1st with a company and then a company agrees to repurchase the aluminum on April 1st at the original sale price of 200,000 plus 2%
Show how you come up with the journal entry for February 1st and what is the journal entry for the repurchase of the aluminum on April 1st.
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