Crimson City appropriates the acquisition of $500,000 of pol…
Crimson City appropriates the acquisition of $500,000 of police cars. Most of them are delivered prior to the end of the year. But, $100,000 are on backorder and would not be delivered until the following year. Assume that Crimson City considers the appropriation to have lapsed. At the beginning of year 2, what journal entry would be made?
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