During the current fiscal year, Joremiah Corp, signed a long-term noncancellable purchase commitment with its primary supplier. Jerenmiah agreed to purchase $2.0 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 the contract had a market value of $1.6 million. What is the journal entry at the end of the current fiscal year? Debit Unrealized Holding Gain or Loss for $400,000 and credit estimated Liability on Purchase Commitment for $400,000. Debit Estimated ability on Purchase Commitments for $400,000 and credit Unrealized Holding Gain or Loss for $400,000. Debit Unrealized Holding Gain or Loss for $1, 600,000 and credit Estimated Liability on Purchase Commitment for $1, 600,000. No journal entry is required