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Give the entry in January 2026, when the 37,500-gallon shipment is received,...

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Question

Accounting

Give the entry in January 2026, when the 37,500-gallon shipment is received, assuming that the situation given in (b2) above
existed at December 31,2025, and that the market price in January 2026 was $3.35 per gallon. Prepare the journal entry for
when the materials are received in January 2026.(List all debit entries before credit entries. Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the
amounts.)
Date
Account Titles and Explanation
Debit
Credit
Jan.
2026
Estimated Liability on Purchase Commitments
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