On October $6,2024,$ the Elgin Corporation signed a purchase commitment to purchase inventory for $$99,000$ on or before March $31,2025.$ The company's fiscal year$-$end is December $31.$ The contract was exercised on March $21,2025,$ and the inventory was purchased for cash at the contract price. On the purchase date of March $21,$ the market price of the inventory was $$67,000.$ The market price of the inventory on December $31,2024,$ was $$82,000.$ The company uses a perpetual inventory system.

Required:

Prepare the necessary adjusting journal entry $($if any is required$)$ on December $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Prepare the journal entry to record the purchase on March $21,2025.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.On October $6,2024,$ the Elgin Corporation signed a purchase commitment to purchase inventory for $$99,000$ on or before March $31.$

The company's fiscal year$-$end is December $31.$ The contract was exercised on March $21,2025,$ and the inventory was

purchased for cash at the contract price. On the purchase date of March $21,$ the market price of the inventory was $$67\mathrm{.}000.$ The market

price of the inventory on December $31,2024,$ was $$82,000.$ The company uses a perpetual inventory system

Required:

Prepare the necessary adjusting journal entry $($if any is required$)$ on December $31,2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No joumal entry required" in the first occount field.

Prepare the journal entry to record the purchase on March $21,2025.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journol entry required" in the first account field.

Journal entry worksheet

$|$~$|$~$12$

Record any necessary adjusting entry related to the purchase cornmitment.

Note: Enter Aebits betore aredits.