Blossom Company signed a long-term noncancelable purchase commitment with a major supplier to purchase rawmaterials...
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Blossom Company signed a long-term noncancelable purchase commitment with a major supplier to purchase rawmaterials in 2026 at a cost of $1,077,300. At December 31,2025 , the raw materials to be purchased have a market value of $1,027,500,152026. Blossom paid $1,077,300 to obtain the raw materials which were worth $1,027,500. Prepare the entry to record the purchase assuming the company used a periodic inventory system, (List all debit entries before credit entry" for the account titfes and enter ofor the amounts
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