During the current fiscal year, Sandhill Corp. signed a long-term non-cancellable purchase commitment with its primary supplier. Sandhill agreed to purchase $2.16 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 $1.68 million. What is the journal entry at the end of the current fiscal year? O No journal entry is required O Debit Loss on Purchase Commitments for $480000 and credit Estimated Liability on Purchase Commitment for $480000 O Debit Estimated Liability on Purchase Commitments for $480000 and credit Loss on Purchase Commitments for $480000 O Debit Loss on Purchase Commitments for $1680000 and credit Estimated Liability on Purchase Commitments for $1680000