Delighted signs a purchase commitment for $15,000. At year end, market value is $10,000, so Delighted records the appropriate journal entries. If, when the goods are delivered the following year the market value has declined to $8,000, what journal entry should Delighted record? Inventory Loss on Purchase Commitment Cash 8,000 7,000 15,000 Inventory 15,000 Cash 15,000 Inventory 8,000 Estimated Liability on Purchase Commitment 5,000 Loss on Purchase Commitment 2,000 Cash 15,000 None of the above