During the current fiscal year, jeremiah corp. signed a long-term noncancellable purchase commitment with its primary supplier. jeremiah agreed to purchase $2.0 million of raw materials during the next fiscal year under this contract. at the end of the current fiscal year, the raw material to be purchased under this contract had a market value of $1.6 million. what is the journal entry at the end of the current fiscal year?

a. debit unrealized holding gain or loss for $400,000 and credit estimated liability on purchase commitment for $400,000.

b. debit estimated liability on purchase commitments for $400,000 and credit unrealized holding gain or loss for $400,000.

c. debit unrealized holding gain or loss for $1,600,000 and credit estimated liability on purchase commitments for $1,600,000.

d. no journal entry is required.

When color is used on a topographical drawing, black is used to represent what?

Which of the following is not a consideration when determining your asset allocation

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a. no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative. b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child. c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative. d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.