8, please read the qestion and answer b Swifty Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier topurchase raw materials at an annual cost of $1,700,000. At December 31, 2022, the raw materials to be purchased in 2023 have amarket price of $1,462,000.(a)Your answer is correct.Prepare any December 31, 2022 entry that is needed. (Credit account titles are automatically indented when the amount is entered. Donot indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry beforecredit entry.)Date Account Titles and ExplanationDec. 31,2022Loss on Purchase ContractsLiability for Onerous ContractsDebit238000Credit238000 (b)In 2023, Swifty receives the raw materials and pays the required $1,700,000. The raw materials now have a market value of$1,412,000. Prepare the entry to record the purchase. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debitentries before credit entries.)DateDec. 31,2023Account Titles and ExplanationDebitCreditI

Answer : a) Journal entry on December 31,2022 : Date Account title Dr. Cr. Dec.31,2022…

Answered: annual cost of $1,700,000. At December…

Business

Accounting

annual cost of $1,700,000. At December 31, 2022, the raw mate

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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