Illustrate what is the journal entry at the end of current

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Reference no: EM13131046

During the current fiscal year, Jeremiah Corp. signed a long-term noncancellable purchase commitment with its primary supplier. Jeremiah agreed to purchase $2.5 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 $2.2 million. What is the journal entry at the end of the current fiscal year?

Reference no: EM13131046

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