Flint Corp, a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $2,600,000. At December 31,2022 , the raw materials to be purchased in 2023 have a market price of $2,489,000 (a) Prepare any December 31, 2022 entry that is needed. (Credit occount titles are automotically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titfes and enter O for the amounts. List debit entry before credit entry)