Company H signs several purchase contracts in 2022. Under the terms of one contract, Company H will take delivery of the inventory in 2023 and pay a price of $579,000 to Company G. The fair value of the inventory at the company's December 31,2022 year end declines to $482,000. Company H does not expect to be able to recover its additional costs. Assume that the fair value remains at $482,000 until the goods are delivered. Is this an onerous contract in 2022? If so, why? Show journal entries for 2022 and 2023. (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 0 for the amounts. List all debit entries before credit entries.)