During the current fiscal year, Ivanhoe Corp. signed a long-term non-cancellable purchase commitment with its primary supplier. Ivanhoe agreed to purchase $1.80 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 $1.50 million. What is the journal entry at the end of the current fiscal year? Debit Loss on Purchase Commitments for $300000 and credit Estimated Liability on Purchase Commitment for $300000 Debit Estimated Liability on Purchase Commitments for $300000 and credit Loss on Purchase Commitments for $300000 No journal entry is required