S Kieso, Intermediate Accounting, 16e Intermediate Accounting (ACCT 3103 and 311 CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEX Exercise 9-11 Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2017, at an agreed price of $400,000. At December 31, 2017, the raw material had declined in price to $365,000 What entry would you make on December 31, 2017, to recognize these facts? (Credit account titles are automatically indented when 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