The empty boxes are what I have to fill in. Can anybody help?

At December 31, 2020, Riverbed Ltd. has outstanding non-cancellable purchase commitments for 36,500 litres of raw material at $2.00 per litre. The material will be used in Riverbed's manufacturing process, and the company prices its raw materials inventory at cost or NRV, whichever is lower. Your answer is partially correct. Assuming that the market price as at December 31, 2020, is $1.60 per litre instead of $2.00, how would you treat this commitment in the accounts and statements? (Credit account titles are automatically indented when the 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.) Debit Credit Date December 31, 2020 Account Titles and Explanation Loss on Purchase Contracts 14600 14600 e Textbook and Media List of Accounts Your answer is partially correct. Prepare the entry for January 15, 2021, when the entire shipment is received, assuming that the situation in above part existed at December 31, 2020, and that the market price in January 2021 is $1.60 per litre. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and entero for the amounts.) Account Titles and Explanation Debit Credit Date January 15, 2021 Accounts Payable