A speculator takes a long position in a futures contract on a commodity on November $1,2012$ to hedge an exposure on March $1,2013.$ The initial futures price is $$60.$ On December $31,2012$ the futures price is $$61.$ On March $1,2013$ it is $$64.$ The contract is closed out on March $1,2013.$ What gain is recognized in the accounting year January $1$ to December $31,2013?$ Each contract is on $1000$ units of the commodity.