Question: Crane Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $990,700. At December

Crane Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $990,700. At December 31, 2021, the raw materials to be purchased have a market value of $942,000. Prepare any necessary December 31, 2021 entry. (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 for the amounts) Date Account Titles and Explanation Debit Credit Dec. 31

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