Question: Coronado Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $1,098,200. At December

Coronado Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $1,098,200. At December 31, 2021, the raw materials to be purchased have a market value of $1,049,200. Prepare any necessary December 31, 2021 entry.

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