$11.$ Johnson Corp. signed a long$-$term non$-$cancellable purchase commitment with its primary supplier. Johnson agreed to purchase $$3\mathrm{.}5$ million of raw materials during the next fiscal year under this contract. At the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $$2\mathrm{.}9$ million.

a$.$ What journal entry is required at the end of the current fiscal year?

b$.$ What is the journal entry to record the purchase$/$payment of the commitment?