During the current fiscal year, Oriole Corp. signed a long-term non-cancellable purchase commitment with its primary supplier. Oriole agreed to purchase $1.82 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 $1.51 million. What is the journal entry at the end of the current fiscal year? No journal entry is required O Debit Loss on Purchase Commitments for $310000 and credit Estimated Liability on Purchase Commitment for $310000 O Debit Loss on Purchase Commitments for $1510000 and credit Estimated Liability on Purchase Commitments for $1510000 Debit Estimated Liability on Purchase Commitments for $310000 and credit Loss on Purchase Commitments for $310000