A hedger takes a long position in an oil futures contract on November $1,2016$ to hedge an

exposure on March $1,2017.$ The initial futures price is $$60$ and each contract is on $1,000$

barrels of oil. On December $31,2016$ the futures price is $$61.$ On March $1,2017$ it is $$64.$

The contract is closed out on March $1,2017.$ What gain is recognized in the accounting year

January $1$ to December $31,2017($in $$)?$

What is the answer to the question above if the trader is a speculator rather than a hedger

$($in $$)?$