Question: During the current fiscal year, Crane Corp. signed a long-term noncancellable purchase commitment with its primary supplier. Crane agreed to purchase $1.76 million of raw

During the current fiscal year, Crane Corp. signed a long-term noncancellable

During the current fiscal year, Crane Corp. signed a long-term noncancellable purchase commitment with its primary supplier. Crane agreed to purchase $1.76 million of raw materials during the next fiscal year under this contract. At the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $1.48 million. What is the journal entry at the end of the current fiscal year? O Debit Unrealized Holding Gain or Loss for $1480000 and credit Estimated Liability on Purchase Commitments for $1480000. O Debit Estimated liability on Purchase Commitments for $280000 and credit Unrealized Holding Gain or Loss for $280000. O No journal entry is required. O Debit Unrealized Holding Gain or Loss for $280000 and credit Estimated Liability on Purchase Commitment for $280000

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