Brief Exercise 8-10 Flounder Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1,900,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $1,595,000. Your answer is partially correct. Try again. Prepare any December 31, 2019 entry that is needed. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2019 Tunrealized Gain or Loss 305000 Liability for Onerous Co 305000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. In 2020, Flounder receives the raw materials and pays the required $1,900,000. The raw materials now have a market value of $1,547,000. Prepare the entry to record the purchase. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Raw Materials 1547000 Liability for Onerous Contr 305000 Loss on Purchase Contract 48000 Accounts Payable 1900000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT