During the current fiscal year, Carla Vista Corp, signed a long-term non-cancellable purchase commitment with its primary supplier. Carla Vista agreed to purchase $1.90 million of raw materials during the next 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 $1.55 million. What is the journal entry at the end of the current fiscal year? Debit Loss on Purchase Commitments for $1550000 and credit Estimated Lability on Purchase Commitments for. $1550000 Debit Loss on Purchase Commitments for $350000 and credit Estimated Liability on Purchase Commitment for $350000 Nojournal entry is required Debit Estimated Liability on Purchase Commitments for $350000 and credit Loss on Purchase Commitments for $350000