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On July 10, 2024, a company signed a purchase commitment to purchase inventory for $210,000 on or before February 15,2025 . The comparyy 5 fiscal year-end is December 31. The contract was exercised on February 1.2025, and the inventory was purchased for cash at the contract price. On the purchase date of February 1. the market price of the inventory was $222,000. The market price of the imventory on December 31, 2024, was $188,000. The cornpany uses a perpetual inventory system. How much loss on purchase commitment will the company recognize in 2024 ? Multople Choice $12,000 $22000 $34000 None