Kemper Company signed a long-term, non-cancelable purchase commitment with a major supplier to purchase raw materials in 2023 at a cost of $1,000,000. At December 31, 2022, the raw materials to be purchased have a fair value of $950,000. In 2023, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase. (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 O for the amounts.) Account Titles and Explanation Debit Credit Purchases Estimated Liability on Purchase Commitments Cash