A speculator 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 $$60.$ On December $31,2019,$ the futures price is $$85.$ On March $1,2020,$ it is $$65.$ 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 speculation in the accounting year January $1$ to December $31,2020?$ Please add your answer here: