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Testbank Multiple Choice Question 89 During the current fiscal year, Crane Corp. signed a long-term noncancellable purchase commitment with its primary material to be purchased under this contract had a market value of $1.59 million. What is the journal entry at the en O Debit Unrealized Holding Gain or Loss for $390000 and credit Estimated Liability on Purchase Commitment for $5 O Debit Unrealized Holding Gain or Loss for $1590000 and credit Estimated Liability on Purchase Commitments for Debit Estimated liability on Purchase Commitments for $390000 and credit Unrealized Holding Gain or Loss for $3 O No journal entry is required. Click if you would like to Show Work for this question: Oren Show Work with its primary supplier. Crane agreed to purchase $1.98 million of raw materials during the next fiscal year under this contract. At the end of th entry at the end of the current fiscal year? ommitment for $390000. Commitments for $1590000. Gain or Loss for $390000