A firm carries a commodity inventory at a cost of $750,000 and plans to sell it in 60 days. Its market value(spot) is currently $800,000. To hedge against a decline in value of the commodity, the company sells commodity futures for delivery in 60 days at a price of $800,000. There is no margin deposit. At the company's 2020 year-end, 30 days later, the 30-day futures price is $780,000 and the inventory value(spot) declined to $779,000. Income effects of the inventory and the futures are reported in cost of goods sold. Thirty days after year-end, it is now 2021 and the market value(spot) of the inventory is $785,000. The company closes the futures contract and sells the inventory on the spot market for $785,000. How are the futures reported on the company's year end financial statements? $ 20.000 liability $ 20,000 asset $ 21,000 asset $ 21,000 liability