A hedger takes a long position in a futures contract on a commodity on November 1,2019 , to hedge an exposure on March 1, 2020. The initial futures price is \$70. On December 31, 2019, the futures price is \$175. On March 1, 2020, it is $190. The contract is closed out on March 1, 2020. Each contract is on 1,000 units of the commodity. What gain/loss is recognized from the hedge in the accounting year January 1 to December 31, 2020? Please add your answer here