Question: Brief Exercise 9-08 Your answer is partially correct. Try again. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw

Brief Exercise 9-08 Your answer is partially correct. Try again. Kingbird

Brief Exercise 9-08 Your answer is partially correct. Try again. Kingbird Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $966,100. At December 31, 2020, the raw materials to be purchased have a market value of $921,000. In 2021, Kingbird paid $966,100 to obtain the raw materials which were worth $921,000. Prepare the entry to record the purchase. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit X Tunrealized Holding Gain or 45100 T Estimated Liability on P 45100 Unrealized Holding Gain or

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