Testbank Multiple Choice Question During the prior fiscal year, Ivanhoe Corp. signed a long term noncancellable purchase commitment with its primary supplier to purchase $1.80 million of raw materials. Ivanhoe paid the $1.80 million to acquire the raw materials when the raw materials were only worth $1.50 million. Assume that the purchase commitment was properly recorded. What is the journal entry to record the purchase? O Debit Inventory for $1800000, and credit Cash for $1800000. Debit Inventory for $1500000, debit Unrealized Holding Gain or Loss for $300000, and credit Cash for $1800000 Debit Inventory for $1500000, and credit Cash for $1500000 Debit Inventory for $1500000, debit Estimated Liability on Purchase Commitments for $300000 and credit Cash for $1800000