During the prior fiscal year, Wildhorse Corp. signed a long-term noncancellable purchase commitment with its primary supplier to purchase $2.18 million of raw materials. Wildhorse paid the $2.18 million to acquire the raw materials when the raw materials were only worth $1.69 million. Assume that the purchase commitment was properly recorded. What is the journal entry to record the purchase? Debit Inventory for $1690000, and credit Cash for $1690000. O Debit Inventory for $2180000, and credit Cash for $2180000. Debit Inventory for $1690000, debit Unrealized Holding Gain or Loss for $490000, and credit Cash for $2180000 Debit Inventory for $1690000, debit Estimated Liability on Purchase Commitments for $490000 and credit Cash for $2180000