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What liability related to this purchase obligation

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Question - Dr Spaceman Inc. signed a binding purchase agreement on December 1st 2021 to purchase 60 barrels of oil for $30 per barrel on March June 30th 2022. On December 31st 2021, the price per barrel is $25. What liability related to this purchase obligation, if any, does Spaceman record on December 31st 2021? Enter a positive number for a debit, zero if no journal entry is made, and a negative number if the liability has a credit balance.

Reference no: EM132956902

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