For the following scenario, prepare journal entries, general ledgers, trial balance, income statement, and balance sheet:

ABC Fund had the following trades in IBM in the futures market. The stock exchange requires that a margin of 15 percent of the value of the contract be maintained throughout the life of the contract.

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Date Product Expiry Qty Rate (US$) B/S Brokerage 22-Feb-07 25-Apr-07 -1,500 45 18-Mar-07 25-Apr-07 -1,800 50 13-Apr-07 25-Apr-07 2,000 43 SS9 320 350 B 400 25-Apr-07 25-Apr-07 1,300 42 Expiry Date Market Price 22-Feb-07 47 28-Feb-07 55 31-Mar-0743 25-Apr-07 45