Business, 06.05.2020 01:37 ninaaforever

During 2020, Blossom Co., a manufacturer of chocolate candies, contracted to purchase 260000 pounds of cocoa beans at $5.00 per pound, delivery to be made in the spring of 2021. Because a record harvest is predicted for 2021, the price per pound for cocoa beans had fallen to $3.80 by December 31, 2020. Of the following journal entries, the one which would properly reflect in 2020 the effect of the commitment of Blossom Co. to purchase the 260000 pounds of cocoa is:.Cocoa Inventory 971100 Accounts Payable 971100Cocoa Inventory 809250 Loss on Purchase Commitments 161850 Accounts Payable 971100Unrealized Holding Gain or Loss-Income 161850 Estimated Liability on Purchase Commitments 161850No entry would be necessary in 2020

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