During the prior fiscal year, Oriole Corp. signed a long-term non-cancellable purchase commitment with its primary supplier to purchase $2.06 million of raw materials. Oriole paid the $2.06 million to acquire the raw materials when the raw materials were only worth $1.63 million. Assume that the purchase commitment was properly recorded. What is the journal entry to record the purchase? Debit lmventony for $1630000, debit Loss on Purchase Commitments for $430000, and credit Cash for $2060000 Debit I iventory for $1630000, and credit Cash for $1630000 Debit Inventory for $1630000, debit Estimated Liability on Purchase Commitments for $430000 and credit Cash for $2060000 Debit Inventory for $2060000, and credit Cash for $2060000