One orange juice futures contract is on 15,000 pounds of frozen concentrate. Suppose that in September 2011 a company sells a March 2013 orange juice futures contract for 120 cents per pound. In December 2011, the futures price is 140 cents; in December 2012, it is 110 cents; and in February 2013, it is closed out at 125 cents. The company has a December year end. What is the company's profit or loss on the contract? How is it realized? What is the accounting and tax treatment of the transaction if the company is classified as

(a) a hedger and

(b) a speculator?