Pharoah Corp is a publicly traded corporation and signs a purchase contract with Sunland Corporation. Under the terms of the contract, Pharoah agrees to take delivery of the inventory and pay a price of $510,000 to Sunland Company. By September 30, 2023 , Pharoah's year end, the fair value of the goods decreases by 15%. Pharoah does NOT expect to recover this additional cost and the value of the inventory does NOT recover prior to Pharoah taking delivery of the goods on October 31, 2023. (a) Record the journal entry, if one is necessary on the contract signing date. (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. List debit entry before credit entry.)