View Policies Current Attempt in Progress Kingbird Company signed a long-term, non-cancelable purchase commitment with a major supplier to purchase raw materials in 2023 at a cost of $1,200,000. At December 31, 2022, the raw materials to be purchased have a fair value of $1,140,000. Prepare any necessary December 31 entry. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Dec. 31 Debit Credit eTextbook and Media