Question: Sweet Acacia Commodities Company signed a long-term noncancelable purchase commitment with a major vegetable supplier to purchase produce in 2021 at a cost of $806,000.

Sweet Acacia Commodities Company signed a long-term noncancelable purchase commitment with

Sweet Acacia Commodities Company signed a long-term noncancelable purchase commitment with a major vegetable supplier to purchase produce in 2021 at a cost of $806,000. At December 31, 2020, the produce to be purchased has a market value of $725,400. Prepare any necessary December 31, 2020 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31

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