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On 1 July 20×4, Venue entered into a contract with Reven for sale of a plant for 500k USD. The contract included a call option that gave Venue the right to repurchase the plant for 550k USD on or before 30 June 20×4
Discuss how the transaction would affec the FS at 31 July 20×4.Can you please state all the accounting entries that would be valid in this case?
Thank you,
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