BE9-5 Kemper Company signed a long-term noncancelable purchase

Price: $1.99


BE9-5 Kemper Company signed a long-term noncancelable purchase commitment with a major supplier
to purchase raw materials in 2011 at a cost of $1,000,000. At December 31, 2010, the raw materials to be purchased have a market value of $950,000.

Prepare any necessary December 31 entry.