During the prior fiscal year, Jeremiah Corp. signed a long-term noncancellable purchase commitment with its primary supplier to purchase $1.5 million of raw materials. Jeremiah paid the $1.5 million to acquire the raw materials when the raw materials were only worth $1.2 million. Assume that the purchase commitment was properly recorded. What is the journal entry to record the purchase? A. Debit Inventory for $1, 200,000, debit Unrealized Holding Gain or Loss for $500,000, and credit Cash for $1, 500,000 B. Debit Inventory for $1, 200,000, debit Estimated Liability on Purchase Commitments for $300,000 and credit Cash for $1, 500.000 C. Debit Inventory for $1, 200,000, and credit Cash for $1, 200,000 D. Debit Inventory for $1, 500,000, and credit Cash for $1, 500,000