Prepare any necessary december entry

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Question - Concord Company signed a long-term non-cancelable purchase commitment with a major supplier to purchase raw materials in 2021 at a cost of $1,024,100. At December 31, 2021, the raw materials to be purchased have a market value of $978,600. Prepare any necessary December 31, 2021 entry.

Reference no: EM133077362

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