Business, 08.04.2020 03:11 keke6361

During the current fiscal year, Sandhill Corp. signed a long-term noncancellable purchase commitment with its primary supplier. Sandhill agreed to purchase $1.92 million of raw materials during the next fiscal year under this contract. At the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $1.56 million. What is the journal entry at the end of the current fiscal year?

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During the current fiscal year, Sandhill Corp. signed a long-term noncancellable purchase commitment...