part (c2) please!

At December 31, 2020, Splish Brothers, Inc., a manufacturer, has outstanding noncancelable purchase commitments for 84,000 pounds of raw material to be used in its manufacturing process. The purchase commitments require Splish Brothers, Inc. to pay $14 per pound for the raw material. The company prices its raw material inventory at cost or market, whichever is lower. (a2) Your answer is correct. Assuming that the market price as of December 31, 2020, is $9.50, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Dec. Unrealized Holding Gain or Loss -Income 378000 31 Estimated Liability on Purchase Commitments Debit 378000 Attempts: 2 of 2 used (c2) Give the entry in January 2021, when the 84,000-pound shipment is received, assuming that the situation given in (a) above existed at December 31, 2020, and that the market price in January 2021 was $9.50 per pound. Also assume that Splish Brothers uses a perpetual inventory system. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Debit Jan. 2021