Question: Concord Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost

Concord Corp., a public company using IFRS, signed a long-term non-cancellable

Concord Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1,700,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $1,635,000. Prepare any December 31, 2019 entry that is needed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 eTextbook and Media List of Accounts Assistance Used In 2020, Concord receives the raw materials and pays the required $1,700,000. The raw materials now have a market value of $1,589.000. Prepare the entry to record the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020

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