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nsims
May 7, 2011, 09:17 AM
During the prior fiscal year, Nina corp signed a long-term noncancellable purchase commitment with its primary supplier to purchase $25 of raw materials.
Nina Paid $25 to axquire the raw materials when the raw materials wer only worth $22.
Assume that the purchase commitment was properly recorded.

What is the journal entry to record the purchase?