Chapter 1 Problem 14-13
Requirement 1
2008
Dec. 31 Futures contract receivable 500,000
Unrealized gain – futures contract (50,000 x 10) 500,000
2009
Jan. 1 Purchases 8,000,000
Cash (50,000 x 160) 8,000,000
1 Cash 500,000
Futures contract receivable 500,000
1 Unrealized gain – futures contract 500,000
Gain on futures contract 500,000
Requirement 2
2008
Dec. 31 Unrealized loss – futures contract 250,000
Futures contract payable (50,000 x 5) 250,000
2009
Jan. 1 Purchases 7,250,000
Cash (50,000 x 145) 7,250,000
1 Futures contract payable 250,000
Cash 250,000
1 Loss on futures contract 250,000
Unrealized loss - futures contract 250,000
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