On march 15, 2020, hat trick manufacturing signed a contract with a supplier to purchase raw materials in 2021 for $700,000. prior to the december 31, 2020 balance sheet date, the market price for these materials dropped to $510,000. on december 31, 2020 hat trick prepares a journal entry to reflect this situation. on the december 31, 2020 balance sheet, where would the credit be reported?