Question 8 of 10 -/15 Ayayal 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 $2,000,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $1,820,000 Prepare any December 31, 2019 entry that is needed. (Credit account titles are automatically inderted when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, 2019 - Question 8 of 10 In 2020, Ayayal receives the raw materials and pays the required $2,000,000. The raw materials now have a market value of $1.772,000. 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 for the amounts.) Credit Debit Date Account Titles and Explanation Dec 31, 2020 -/1 Question 9 of 10 Bridgeport Valley Limited produces wine. Certain vintage wines take more than one year to age. The company has borrowed funds to cover the costs of this aging process. The company meets the interest capitalization criteria under IFRS. Capitalizable interest under IFRS is $800 Prepare the journal entry to record the $800 interest owed under IFRS, (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 for the amounts) Debit Credit Account Titles and Explanation Assume the company chooses to expense the interest owed. (Credit occount titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Debit Credit Account Titles and Explanation