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, 2019, the raw materials to be purchased in 2020 have a market price of $2,489,000.

Prepare any December 31, 2019 entry that is needed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2019	enter an account title for the journal entry on December 31, 2019	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2019	enter a debit amount	enter a credit amount

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List of Accounts

In 2020, Flint receives the raw materials and pays the required $2,600,000. The raw materials now have a market value of $2,431,000. Prepare the entry to record the purchase. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020	enter an account title for the journal entry on December 31, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2020	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2020	enter a debit amount	enter a credit amount

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