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A speculator sells a July 2013 wheat futures contract at 721 cents per bushel. Each futures contract is for 5,000 bushels. The futures price drops

A speculator sells a July 2013 wheat futures contract at 721 cents per bushel. Each futures contract is for 5,000 bushels. The futures price drops to 676 on December 31, 2012 and rises to 712 in May 2013 when she closes the contract. What is the gain or loss for accounting purposes in 2013? ($180,000 loss)

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