Grouper Corp., a public company using IFRS, signed a long$-$term non$-$cancellable purchase commitment with a major supplier to

purchase raw materials at an annual cost of $$2,600,000.$ At December $31,2022,$ the raw materials to be purchased in $2023$ have a

market price of $$2,540,000.$

$($@

Prepare any December $31,2022$ entry that is needed. $($Credit account titles are automatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No Entry$$ for the account titles and enter O for the amounts. List debit entry before

credit entry.$)$

Date Account Titles and Explanation Debit Credit

Dec. $31,$

$2022$In $2023,$ Grouper receives the raw materials and pays the required $$2,600,000.$ The raw materials now have a market value of

$$2,492,000.$ Prepare the entry to record the purchase. $($Credit account titles are automatically indented when the amount is $|$

entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit $|$

entries before credit entries$)|$