Orange Company is a manufacturer of chocolate candies In 2016, Orange contracted to purchase 150,000 pounds of cocoa beans at $400 per pound The delivery is to be made in the spring of 2017 The price per pound for cocoa beans per pound fell to $330 by December 31, 2016 Of the following journal entries, which one would properly reflect in 2016 the effect of Orange's commitment to purchase 150,000 pounds of cocoa beans

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