Current Attempt in Progress

Coronado Commodities Company signed a long$-$term noncancelable purchase commitment with a major vegetable supplier to

purchase produce in $2021$ at a cost of $$585,000.$ At December $31,2020,$ the produce to be purchased has a market value of $$526,500.$

Prepare any necessary December $31,2020$ entry. $($Credit account titles are automatically indented when amount is entered. Do not indent

manually.$)$

Date Account Titles and Explanation

Debit

Credit

Dec. $31$