Please choose the account's name on the accounts list.

Brief Exercise 8-10 Culver 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 $2,300,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $2,095,000. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31, 2019 205000 Liability for Onerous Co 205000 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT In 2020, Culver receives the raw materials and pays the required $2,300,000. The raw materials now have a market value of $2,039,000. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31, 2020 Raw Materials 2039000 Liability for Onerous Contr 205000 Loss on Purchase Contract 56000 Cash 2300000 List Of Accounts Brief Exercise 8-10 Accounts Payable Accounts Receivable Allowance to Reduce Inventory to NRV Biological Assets Buildings Cash Cost of Goods Sold Equipment Interest Expense Interest Income Interest Payable Interest Receivable Inventory Inventory Over and Short Land Liability for Onerous Contracts Loss on Inventory Due to Decline in NRV Loss on Purchase Contracts No Entry Purchase Discounts Purchase Discounts Lost Purchase Returns and Allowances Purchases Raw Materials Realized Gain or Loss Rebate Receivable Recovery of Loss on Inventory Due to Decline in NRV Refund Liability Retained Earnings Sales Returns and Allowances Sales Revenue Supplies Expense Unrealized Gain or Loss