A hedger takes a long position in a futures contract on a commodity on November 1, 2013, to hedge exposure on March 1, 2013. The initial futures price is $61. On December 31, 2012, the futures price is $62. On March 1, 2013, it is $65. The contract is closed out on March 1, 2013.
What gain is recognized in the accounting year January 1 to December 31, 2012? Each contract is on 1000 units of the commodity.