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Pina Colada Corp. a public company using IFRS, signed a long-term non-cancellable purchase commitment with...

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Accounting

Pina Colada 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 $1,700,000At December 31,2022, the raw materials to be purchased in 2023 have a market price of $1,457,000( a) Prepare any December 2022 entry that is neededCredit account titles are automatically indented when the amount is entered. Do not indent manuallyIf no entry is required, select "No Entryfor the account titles and enter for the amountsList debit entry beforecreditentry)

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