Sheridan Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost of $1.001,800. At December 31, 2025, the raw materials to be purchased have a market value of $948,900. Prepare any necessary December 31, 2025, entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Dec. 31 Unrealized Holding Gain or Loss-Income Estimated Liability on Purchase Commitments Debit 948900 52900 Credit 1001800

Sheridan Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost of $1.001,800. At December 31, 2025, the raw materials to be purchased have a market value of $948,900. Prepare any necessary December 31, 2025, entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Dec. 31 Unrealized Holding Gain or Loss-Income Estimated Liability on Purchase Commitments Debit 948900 52900 Credit 1001800

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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