At December 31, 2023, Concord Ltd. has outstanding non-cancellable purchase commitments for 36,500 litres of raw material at $2.20 per litre. The material will be used in Concord's manufacturing process, and the company prices its raw materials inventory at cost or NRV, whichever is lower. Prepare the entry for January 15, 2024, when the shipment, on credit, is received, assuming that the situation in part (c) existed at December 31, 2023, and that the market price in January 2024 is $1.60 per litre. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 15, 2024 Debit Credit eTextbook and Media List of Accounts