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Question 1.2 (6 marks) In 2022, Henson Inc. signs a long-term noncancelable purchase commitment for 7,500 kilograms of raw material to be used in its

Question 1.2 (6 marks) In 2022, Henson Inc. signs a long-term noncancelable purchase commitment for 7,500 kilograms of raw material to be used in its manufacturing process. The purchase commitment requires Henson Inc. to pay $12.00 per kilogram for the raw material in 2023. At Dec. 31, 2022, the market price per kilogram of raw material is $10.50. Instruction: Prepare a necessary entry at Dec. 31, 2022, if any

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