7 & 8

Required information On March 1, 2021, a company purchased a futures contract for 9,000 bushels of soybeans for $8.50 per bushel The contract specified delivery on August 1, 2021. Spot prices for soybeans are provided below. March 1 March 31 June 30 August 1 Price of soybeans (per bushel): $8.50 $8.90 $9.10 $9.40 On August 1, the company purchased the needed 9,000 bushels of soybeans at the spot price of $9.40 per bushel. The company also settled the contract on this date (assume cash settlement). Use the information above to answer the questions below. The journal entry on June 30 to update the value of the futures contract includes a Click to select) (Click to select Gain on investment in OCI of $5,400 Loss on investment in Oct of $5,400 Gain on investment in Oct of $1,800 CD Los on investment in OCI of $1,800 O Required information On March 1, 2021, a company purchased a futures contract for 9.000 bushels of soybeans for $8.50 per bushel. The contract specified delivery on August 1 2021. Spot prices for soybeans are provided below. March 1 March 31 June 30 August 1 Price of soybeans (per bushely: $8.50 $8.90 $9.10 $9.40 (Click to select 1 the company purchased the needed 9,000 bushels of soybeans at the spot price of $9.40 per bushel. The $8,100 liso settled the contract on this date (assume cash settlement) formation above to answer the questions below. $84.600 $76,500 52.700 $4,500 edged cost of the soybeans purchased on August 12 Click to select