A hedger at Tiffany and Co. takes a long position in one futures contract (1,000 units) on Silver commodity on November 1, 2017, to hedge an exposure it anticipates on March 1, 2018, due to a new designer planning to work strictly in silver at that time. The initial futures price is $60. (Show Work)

	Futures Price November 1, 2017	Futures Price December 31, 2017		Futures Price March 1, 2018
Long Position in Silver Commodity	$60	$61	$64		1 (1,000 units)

If, on December 31, 2017, the futures price is $61, on March 1, 2018, the price is $64, and the contract is closed out on March 1, 2018, what gain is recognized in the accounting year January 1 to December 31, 2018?