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 $520,000. At December 31,2020 , the produce to be purchased has a market value of $468,000. Prepare any necessary December 31, 2020 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Wildhorse Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation's books disclosed the following. Merchandise with a selling price of $21,800 remained undamaged after the fire. Damaged merchandise with an original selling price of $13,500 had a net realizable value of $5,100. Compute the amount of the loss as a result of the fire, assuming that the corporation had no insurance coverage. Amount of the loss $