Current Attempt in Progress

Flint Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long$-$term noncancelable purchase commitment with its largest supplier of this raw material on November $30,2025,$ at an agreed price of $$362,500.$ At December $31,2025,$ the raw material had declined in price to $$324,000.$

What entry would you make on December $31,2025,$ to recognize these facts? $($List all debit entries before credit entries. 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 $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit

Dec. $31$

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eTextbook and Media

List of Accounts $q,$

Attempts: $0$ of $3$ used $$