Coronado Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest supplier of this raw material on November 30, 2020, at an agreed price of $369,200. At December 31, 2020, the raw material had declined in price to $337,000. What entry would you make on December 31, 2020, to recognize these facts?