20. During the current fiscal year, Jeremiah Corp. signed a long-term noncancelable purchase commitment with its primary supplier. Jeremiah agreed to purchase $2.0 million of raw materials during 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 $1.6 million. What is the journal entry at the end of the current fiscal year? A) Debit Unrealized Holding Gain or Loss for $400,000 and credit Estimated Liability on Purchase Commitment for $400,000. Debit Estimated liability on Purchase Commitments for $400,000 and credit Unrealized Holding Gain or Loss for $400,000. B) Debit Unrealized Holding Gain or Loss for $1,600,000 and credit Estimated Liability on Purchase Commitments for $1,600,000. C) D) No journal entry is required